Although it has been over a year since we saw any news posted to the Ultima Return website, Sergorn Dragon did post the above picture in the Ultima Dragons Facebook group, with the following explanation:

So… that’s the camera angle we’re going with for Ultima: Return.

The basic inspiration behind the choice of camera angle — which is fixed, although the camera will probably be able to be rotated and zoomed — was Divinity: Original Sin, although there’s a bit of an Ultima 8 vibe to it as well. Note, too, that this image reflects a mockup scene put together with basic assets; the intended final look of Ultima Return will be rather different.