Well...Depends on what generation Ultra, there's three, so far. I have a very early 1st Gen with the fully textured reflector and internal threads on the haed. I also have a 3rd generation with the partially stipled reflector and new head thread design.
The 1st Gen produces a very nice and even beam, though, doesn't have the throw of the newest one.
Overall, I've been very happy with the performance of my US, and it's been thru hell the last three or years I've had it. It's a good compromise, especially for a duty light, as I have good light output, but without the bulk of my SL-20.
The TL has also seen its fair share of usage, and it also performs great. It does outshine the Ultra on all accounts and has been just as durable, even when I accidently drop-kicked it across the street jumping out of the radio car one night.
I really don't have a preference between the two, but in a more suburban environment, the TL would be more useful due to it's long distance beam.
--dan