The names UltraRes and Normal Res can be a little misleading I think. AFAIK, there's no actual resolution difference between them. They are both sampled at 48 kHz, 24 bit. The difference is in their length. UltraRes IRs can be up to 8000 samples or about 166 milliseconds long. Normal Res IRs are up to 1024 samples or about 21 ms long. The FM3 truncates UltraRes IR's, so it only uses the first 1024 samples of them. Those 1024 samples are identical to those of the full length version though.
The benefit of those additional samples depends entirely on the particular IR. Many IR's don't contain any significant amount of data beyond the first 1024 samples, so the benefit of UltraRes on those would be small if any. The extra length can be useful for more resonant or longer ringing cabs and for including a bit of room reflections in things like distant mic IRs. Again, whether or not that is a good thing depends entirely on the cab and what kind of tone you're trying to dial in. If you're going for a super tight metal rhythm tone, that extra resonance might be unwanted and you can sometimes actually benefit from shortening the length of UltraRes IRs to make them sound a little tighter, especially in the low end.