I had no problems at all when it was released. I played it on a P3 450 with a Voodoo 3 2000 (16 MB) and 128 mb ram.
It was really important to have a Voodoo 3 or Voodoo 2 SLI for this game, D3D didn't work well.
Well that's great for you. But I payed full price for this game... 60$ at the time. I understand that it was important to have a Voodoo 2 or 3 to play this game. But my PC was still well above the minimum requirements. It should have worked decently. It didn't.
I am sure this game is a great game. I sure enjoyed the game universe. I played Ultima since Ultima II: Revenge of the Enchantress. But Ultima IX, as good as it was, was a disaster. It featured very ambitious 3D graphics at the time, but the engine failed to deliver. This, combined with Ultima Online, killed the series.
Too bad, because am I sure this game is great. That's why I am very happy that I can play it now! :)