JudasIscariot: You won't regret it. Even now that game still looks very, very nice and plays very smoothly. The magic system may take some getting used to but if you persevere it will become second nature.
soulgrindr: I don't mean to keep bumping this thread, but how similar is Arx to Ultima Underworld?
I know that was the inspiration, but does it capture UU's style, or is it more of a linear dungeon hack?
It uses rune magic just like Ultima Underworld did. The only difference is the execution of the aforementioned magic: in Ultima Underworld you lined up your runes and clicked a cast button; whereas in Arx Fatalis you have to "draw" the runes out with your mouse. You can store up to 3 pre-cast spells in Arx so you don't have to try running around and drawing runes at the same time.
In my humble opinion, I think Arx is a very good successor to Ultima Underworld in that it manages to capture the claustrophobic feel of the dungeon world and the general atmosphere of "life in a dungeon is like a dwarf: brutish and short".
Arx also uses a classless character system. You can craft your character as you wish but remember to specialize because you can't be all things in this game.
I hope that helps.