The best I can say is don't get too excited. The line is actually almost two years old, though it is improved and updated frequently.
To call this line "Ultralight" really is a marketing ploy, one made possible by the fact that there is no industry standard of what is UL. Here at BPL, "UL" means a base weight (everything except food, water, fuel, and other small expendables like sunscreen, mosquito repellent, etc.) of under 10 pounds. By the definition given, "<16 lbs", this doesn't qualify as UL.
HOWEVER, it does represent a decent trend. You'll find "Big 4" systems (pack, bag, shelter, and pad) that are relatively light. at least compared to the rather heavy offerings from most mainstream gear companies. Examples would include the Cruise UL Pack (51 ounces), Quarter Dome 2 UL (60 ounces), Sub-Kilo Sleeping Bag (29 ounces), and REI full-length Lite Core self-inflating pad (27 ounces).
Total 167 ounces, or 10 pounds, 7 ounces. You're already into the lightweight, not UL category and you haven't added kitchen gear, clothing, headlamps or any other gear yet. But the price of these items, a bit over $600, and a lot less if you shop scratch and dent sales, keep eyes open for promotionals and regular sales and use your 20% coupons (up to 3 a year now), is pretty good compared to other alternatives. So in this aspect, it is a decent "lighterweight" alternative. Just understand there are many lighterweight options out there, especially in shelters.
But REI's new gear is important for newer hikers transitioning into packing without making a "leap of faith" to shop with online niche companies. (Which by the way are usually MORE than worth the risk because their products really are superior to nearly all mass market gear out their today, at least in terms of lower weight for comparable performance).