As per my signature, I normally run a pro into an smsl dac / ha two box combo. This is, therefore, my reference, and about A$1400 for all 3 boxes.
Not listed in my sig is a mini feeding a fiio k11 dac / ha amp. The fiio is about A$250
As it happens, I'm using the ultra headphones right now.
I'll try to keep it short so as not to give some others here flashbacks from my earlier testing notes...
Here are the 5 comparisons I've made previously, all with no eq applied.
1) my reference - as per my sig for pro2
2) ultra headphone out
3) ultra rca out to smsl sh9, using ultra supplied rca cables
4) ultra optical out to fiio k11
5) ultra optical to fiio, rca (ultra cables) to smsl sh9
I'm not sure how to best to describe the differences between them
1) is definitely the best, and using the ultra as the source instead of the pro is, as expected, just as good.
2) vibrant, enjoyable, toe-tapping fun. Decent bass, rich vocals
wired headphones with mic.
3) far and away the worst combination, and I have no idea why. Dull. Boring. Lifeless. So bad I didn't even finish a single song with this combination.
4) a significant improvement over the ultra alone, but not as good as (1). Clearer / cleaner, more vibrant, more visceral, more engaging, foot tapping fun.
5) on par with the ultra alone
So back to my earlier conclusion - the ultra IS good, especially for its price point and all the other things it provides in a single box.
But, for me, that additional A$250 for the fiio would be well worth it given the amount of headphone listening I do.
Well, it would be if I hadn't already spent 4* that on smsl.