Test results in:
Yes, the Infinity Ultra with its better beam dispersal does in fact make a good reading light.
So...although I was initially a little disappointed, I think on balance, this is a really nice light. Let's watch how the prices go as the availability improves. I think it ought to drop a few dollars to get it back into the good cost/value space.
If I had to buy a single LED light today for camping or a hiking back up light with really great run time...I've no doubt I'd pick the regular Infinity Blue-Green for $12.
Although on that point, part of what makes me think that is that the Infinity Blue-Green is already such an excellent value ($12 at TTS vs. $21 for the Ultra at Triple Aught Design).
So...at $21, the Ultra isn't worth the premium over the regular Infinity for $12, but that's also driven by that excellent value point at $12. Hard to beat that for LED value!
Although...if you are looking for a keychain light that can also double in this camping/hiking backup role, I'd get the ARC AAA ($20 at TTS).