Update - I've spent a couple hours with it. Some observations:
1 - the basic amp sounds are better than the ultra
2 - I like the form factor - it encourages you to tweak it, where the ultra is not terribly friendly (you have to bend down to it, cycle trough menus, just one knob, etc)
3 - I like the scenes. I've got 4 presets programmed with 3 scenes each, and I've got half a second delay for 'knob turns". Translation for those who don't have one of these things: When you go to a different scene, you can select some knobs (say the amp gain and master volume) to 'turn' instead of jumping to a new value. This means that it smoothly goes to that big ass lead sound from your quiet clean sound rather than jumping to it. I like this; previously I'd always have to time the press to avoid an abrupt sound change from screwing up the feel of the song. With scene changes it sounds like I leaned over and fiddled with several knobs at once. It's smooth and musical. Nice.
4 - good thing that moving between scenes sounds great because moving through presets totally sucks! You get an obvious drop-out when you move to a new preset. It's annoying. the Ultra does not do this.
5 - ultimately the ultra with the MFC-101 is more flexible. But this thing sounds good, has the smooth scene thing going on, and it's small and muuuuch lighter than the ultra/MFC/Road case combo I currently lug around.
I was thinking that I might sell the Ultra after getting this, but nah - I'll keep both.
Rehearsal is tomorrow night. I'll use it and see what's what.