I don't think the wording is 'ultra', maybe 'Highest' if memory serves me correctly.
Upon getting the computer home and hooking it up to my monitor with a native resolution of 1920x1200, the game had a hard time. My results definitely differed from that in the back room of the tech's bench. He said he was running 1280x1024 which it looked like, but I was getting no where near his frame rates. With everything maxed out with no FSAA and at 1920x1200, I was averaging 20 FPS. With some tweaking I was able to get it running pretty well at 40 FPS by cutting down some of the less noticeable effects and lowering the resolution a bit. I also need to check into SLI to make sure it's utilizing it. He was playing the demo in the shop and I was playing the full release. Could be a difference in software. Until I find a SLI meter of sorts, I'm not sure how I can tell if it's being used or not. I also need to finish clocking the rest of the system. The game looks fantastic, took about 40 screen shots last night that I'll post up later today.