I have been gigging with my Ultra for a bit over a year, and have been happy with the performance. Honestly, I don't use a tenth of its potential, but the twenty-odd presets I have built cover 60 years of music history we'll play on any given night.
I was a bit miffed when the II came out, having just purchased my Ultra in January of 2011, after long anxious days of fighting the "been playing tubes since the 70s" and vacillating between one or the other... Actually, it was playing on an Eleven Rack for a few weeks that convinced me I could get reasonable sounds out of a digi-box, and so made the plunge into Fractal waters. Finding out the Ultra really couldn't play in the IIs yard, software-wise, and seeing the USB support and other simple options I missed from the Eleven now on the II, I was bummed. But putting the "I didn't get what they got" whining aside I forged ahead on the Ultra and found I wasn't lacking anything. I actually decided not to buy the II at all.
As I have continued to watch the evolution of the II through firmware upgrades, I have become a firmer fan of Fractal. The only other company I know of that talks with customers as much, and invents/implements the constant firmware and function upgrades is Presonus in Baton Rouge, Louisiana. Their 24.4.2 mixing console is pretty freaking awesome and every time I am on the forum for Presonus it reminds me a lot of the Fractal boards (both the great support, and the user whining!). I made a half-curious pass at the II by getting on the waiting list, knowing I could turn it down when I came to the top. For months, I heard nothing.
Well, guess what? As though you haven't already figured it out, I ordered my II yesterday. With the new firmware, I expect to see and hear the difference right away! So, I haven't lost anything by my year with the Ultra. It's sounded great, functioned flawlessly, and I will probably still get back 60-70% of my money on it as it has been racked the whole time. $600-750 for a year's rental of professional quality guitar processing equipment is pretty cheap! Not to mention my back has gasped a sigh of relief NOT lugging around a Road King head and 2x12 or 4x12 cabinets in road cases. That stuff is heavy. But with one case for the Axe Fx, one Atomic cab (or sometimes I just run it through my Eon floor monitor in small places) does it. The new Atomics look even smaller, which is great! So, lighter is better. Oh, and no mic either. Output 1 to the mains, output 2 to the Atomic. Simple. Simple is good.
I'll let you know what I think when it gets here. I am expecting good things!