TheKid965: And let's face it -- EA wouldn't release a game as F2P if they actually thought it was any good at all,
i.e. they thought they could make money with it ... (Even the
title fills me with suspicion, in a subtle-hint sort of way. "
Quest for the Avatar," as opposed to the original
Ultima IV subtitle, implies that your character here may
not be the Avatar of legend, but you may
encounter him/her in the game.)
EA's F2P strategy is about budget rather than quality. Making a low-budget product to milk through microtransactions means even a moderately successful title can turn a profit. Bringing Ultima back as a retail-level release with a proper budget would produce a more impressive end result but it might not sell enough to break even, as with their other recent RPG release, Kingdoms of Amalur: Reckoning.
As for the Avatar, the description says "restore virtue and become the Avatar!" which certainly sounds like you yourself become the Avatar. It's possible that the "real" Avatar gives quests or provides guidance or something, of course.
Any guesses on who the forest girl with the antlers might be? I'm not too familiar with Ultima IV but I know it didn't have elves.