kohlrak: I 'm not familiar with Everquest, and i'm only aware of Ultima Online from an interview about game design lessons, so i'd like more details.
Doc0075: Ultima Online was a true rpg in that you could play your character any way you wanted. There were monsters and dungeons if you wanted to do the usual fighting/ looting thing but a lot of people created craftsmen. I had the second blacksmith to reach GrandMaster status on the Europa server and had people literally queuing up to buy armour from me with my name on it. Reaching GM level was a big deal in the early years of UO as it took a lot of grinding, particularly for craftsmen.
You could also buy house deeds and then place them in the world. Because UO wasn't instanced like MMOs today, everyone could see your house and some people used to place vendors on them to sell stuff they had made or found.
Towns were safe but once you went out of their boundaries of protection it became possible for other players to either steal from you or attack you. Those who specialised in attacking other players names would turn red and they could no longer enter towns without being attacked by the guards. These were known as player-killers (PKs) and it was great fun getting posses together to go hunting them.
Sounds a bit like the game i want to build. There'll be an obvious benefit to combat, but you can otherwise just do whatever you want and succeed that way, be it farming, prostitution, crafting, looting, slavery, whatever.