Ultima V (DOS)
Well, I decided to try this version out just to compare, and several hours later I'm quite hooked! I still prefer the Apple II soundtrack, but the patched-in MIDI soundtrack of this version is fine. I also kind of prefer the Apple II graphics, though they are definitely technically inferior.
In all other ways, this is the version to play. It runs faster/smoother, though that's only because the game has no built-in speed limiter. If I dial DOSBOX down to around 1,000 cycles it runs roughly the same as the Apple II version, though it doesn't slow down as much when there is a lot happening on the screen.
What really makes this version nicer to play, however, is the easier start. I mentioned earlier how cheaper food is in this version, but it's hard to overstate how much of a difference this makes. Because you don't have to spend all your money on food just to avoid starvation, you can spend more money on crucial stuff like reagents and items, which makes it a hell of a lot easier to explore and actually accomplish stuff.
Anyway, I'll be sticking with this version. I don't mind a difficult game, but the early part of the Apple II version just seemed hopeless without massive saving and reloading just to slightly get ahead.
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So far, I've explored Britain, Castle Britannia and it's surrounding villages, Yew, and Empath Abbey. I got a lead on someone who can give me some info about one of the Shadowlords, learned one of the words of power to access a dungeon, and learned a couple of the mantras (which I don't need, since they are the same as in Ultima IV and I still have my notes for that). I fought a few battles and actually got some nice equipment from them, including main-gauches for the Avatar and Shamino; these awesome offhand weapons give the character a second attack each round, which is very nice early on.
I'm having fun so far, but I don't know if I like it as much as Ultima IV. It adds a lot of complexity to the world, such as multilevel structures, a day/night cycle, and NPC schedules... but all of that makes gathering information kind of a pain at times. Due to how quickly time advances, you really only have a short window of time to explore a town when you get to it, before people start going to dinner and then sleeping. Your only choice then is to find a bed or camp outside.
I haven't stepped foot in any of the dungeons yet. My plan for now is to explore the locations I can access on foot to gather information, fight some battles along the way to earn gold to buy a bunch of reagents and items, and then check out a dungeon or two.