Burned by Ultima Online? How? Was it too bad or too addictive?
If it's the later, then you definetly should not try Eve Online 
If it's the former, give EVE a try. It has 14 days free trial, you can be playing as soon as you finish the 500MB client download.
It is an RPG with some arcade and alot of strategy elements, it has good graphics, it has very deep gameplay and its Player vs. Player and political elements are unique in the MMORPG genre. The possibilities in this game are nearly limitless.
And this comes from someone who was never a space sim/sci-fi RPG fan...but this game is that good.
One warning though, if you get pass the very steep learning curve and really get into it, be prepared for long sleepless nights and a very upset significant other 