I used the Ultra exclusively for effects, and continued to play live but have gotten into increasingly more studio work. I decided to make the switch to the Axe II as theadditional features for recording appeared useful.
In terms of continuing on with the AxeII as a strict effects unit, I run it in the loop (not 4 cable method) of my ENGL Invader 100. There are amazing improvements in the various effects blocks, as well as the added effects models (as noted above). I have really enjoyed the upgrade and feel its worthwhile, even if I wasn't getting the added use for the studio stuff.
My favorite improvements are in the rotary block, pitch shift block (whammy), delay models, and phaser models! (ex. with the ULTRA, to get an MXR Phase 90 sound, you had to simulate it through several parameters which got about 90% of the way there but was missing some of lush swoosh sound, with the AxeII its all there!)