As said by some people above, the differences between the Basic and Ultimate are much more important to consider than the differences between the 42 and the 60. IMO, the Basic 60 (and 60LE) are superfluous models. It's only $10 more for an Ultimate 60, and you get so much more. Besides setting your own levels, I find the most useful feature of the Ultimate is that you can turn the Force Setting off, which means the light turns back on to the level you last used. Nice if you're using it in a low-light situation and don't want to blast your eyes each time you turn it on, or if you're in a "tactical" situation (whatever the heck that means) and you want it to turn on at full blast. Yes, you can set it up either way, but if you turn Force Setting off, you don't have to reset your levels each time the situation changes.
Now that the 42 series is discontinued, I'd like to see a price reduction in the Basic 60 line, and I half expect this to happen, because if there's only a $10 price difference between the Basic and Ultimate 60s, there won't be many B60s sold. If the Basic 60 was available for $130 or thereabouts, I'd consider it a great deal on a great flashlight, but at $160, I'd just spend the $10 more and get the Ultimate 60. Although they're disappearing quickly, the B42 for under $100 is a fantastic deal.