Unlike Wizardry, my memories of this game are far duller. I never attempted to play it again over the years. Part of that comes from the two weeks that I played this game and only playing this game. Eat, Sleep, Class, and Ultima. Maybe I did some homework in there. I frequently blame this game for failing me out of Engineering and Calculus.
I remember having a tough time leveling a wizard character because any character only got XP for the characters that they killed, and the wizard tended to wound enemies while the fighters killed them. Once I learned how to fireball properly, the tables turned, and the wizards burned up levels.
The largest challenge in this game's quests was finding the quest giver again. If you didn't make very good notes about the quest when you got it, you could easily never complete it simply because there were so many possible places for the quest giver to be.
I went on to play Ultima 1 and Ultima 3, but by the time of Ultima 4, I had just gotten burned out on this style of game. I just didn't like running about in the ways that the game required, and so I abandoned one of the greatest RPG francheses ever created.