I just got one on sale and I'd say it's well worth the money. Sure, I'd love to have an Arc Alpinist, but for half the price, the Ultra gets the job done.
I also hate the straps, and plan on using elastic cord to replace them soon... once the temps drop a bit more.
I did notice after a few nights of use that some of the edges of the baffles are letting some down out of the bag, though. Not the feathers with quills, but actual down (now that I need to see it, that thread with the difference between down and feathers seems to be hiding from me). I wonder if that's worth a call to Golite...