I have both, and love both lights. For me, I keep the Arc on the keychain because it is slightly smaller, so doesnt cause as much of a bulge in my pocket. I keep the infinity in my glovebox with a lithium battery. (When I go camping, I use the infinity as my EDC, due to the usefulness of the longer runtime)
The Ultra with a fresh lithium is slightly brighter than the Arc, but for all intents and purposes, the brightness difference is a non issue. Both will be used for basically the same reasons.
Since 95% of the time when I am using the light, it is just for intermittent usage, I dont normally need the extra runtime of the ultra.
The ultra is much easier to find than the Arc, and is significantly cheaper in battery costs to use. Also, the ultra is cheaper than the Arc. If cost is a prime consideration, you may want to go with the ultra.
If size makes a difference, then the Arc may be a better choice. If I was always going to wear the light on a lanyard instead of in my pocket, then I would go with the ultra. In a pocket, the Arc is a better choice because it is smaller.