Yes, Vice vs Virtue is a a new system designed to bring a fresh version of Order and Chaos consensual PvP -- any PvP, really -- to landmasses that are currently PvE, including Trammel and most of the expansion territories launched in the last forever. The opt-in faction-based system brings the battle to the core cities of the game and rewards participants with a special currency that can be traded for everything from mounts and artifacts (gear) to murder pardons and hair dye. Look, UO players take their hair dye very seriously.
The patch also introduces new trader quests to the game and revamps dungeon loot spawns to encourage ventures to the open-PvP Felucca facet. The devs have invited players to help stress test the systems this afternoon.