dtgreene: Currently planning to replay Ultima 3 (DOS, thinking of doing it vanilla), and then perhaps Ultima 4 NES
Ruldra: NES version is a worse version of Ultima 4. I strongly recommend the SMS one, it's even better than the PC original. Literally the only thing missing is the first-person view in dungeons, everything else is an improvement.
I'd argue that the NES version is not worse; it's just different. In particular, the NES version feels like a simplified and streamlined version of the original, and sometimes that's what I want to play.
Some of the nice things about the NES version:
* Don't need to line up with the enemy to attack it. (Also true in the SMS version, but in that version walls still block attacks.)
* Can equip both a melee weapon and a bow; this means that you can use a bow against non-adjacent enemies while still having a powerful melee attack for when enemies get close (and melee weapons are significantly more powerful than ranged weapons); there's a trade-off of whether to use the Magic Axe/Wand, which equip in the melee slot but can be used at range, and are balanced accordingly.
* Combat is more predictable. Attacks don't miss that often (player melee attacks *never* miss, which is nice), and damage is significantly less random. (Plus, the game actually tells you how much damage you do.)
* Don't need to mix spells in advance. (Unfortunately, you do still need the reagents.)
* Similarly, reagents cost the same everywhere, so no having to compare prices to determine where to buy them. Plus, Mandrake Root is buyable in one shop (though it's a secret).
* Don't need to worry about food, as that mechanic doesn't exist in this version.
* Don't need mantras. (This, combined with the previous point, means I don't need to take notes or keep a reference handy to play this game.)
* Game doesn't force you to recruit everyone, preventing the game from becoming a slog with all the combat participants.
* If you kill every enemy in a room, you can walk around it as though you weren't in combat; saves having to move everybody individually into the next room.
* Ships are far more common (assuming you're at least level 4).
With that said, there are a few drawbacks:
* If you're standing still on the overworld, you can get attacked, even if you don't move.
* Money is harder to come by. Having to spent 2,000 for a (reusable) key doesn't help.
* Dungeons sometimes feel oversimplified, with many rooms re-used. (Destard, I believe, has at least 3 instances of the same room.)
* No quest XP, so reaching high levels is more annoying (but fortunately unnecessary, unlike in other versions).
* The translation from Japanese to English has some major issues. DEX and INT are swapped, and when you get a stone, sometimes the correct answer (always "Yes", no matter what question is asked) feels wrong.
* Why did they replace Julia with a man?
I *have* played the SMS version, and I agree that it's probably the best faithful version, replacing the DOS version for me, but the NES version is different enough that it can't be replaced (and can't replace) any other version. I choose which to play depending on my mood.
Oh, and the NES version does have first person view in dungeons. I have no idea why the SMS version doesn't; the hardware is definitely capable, as Phantasy Star, another game on the same console, has them.
Edit: In summary, the NES version is definitely worth playing, even though it can't really replace other versions of the game.