There was an Ultima at the last NASA northeast autocross, while it was getting jump started I had a chance to check it out some and I can't say I was overly impressed. It had a carbed small block in it, I guess I was expecting to see an LS1, Viper motor, or something more exotic. The control arms weren't bent to shape, instead they were cut and welded together. It looks like they use poly bushings when I was expecting to see rod ends. I even noticed in a pic that the suspension bolts, although grade 8 looking, didn't have many exposed threads sticking out the locknuts!! It looks like the windows don't roll down, the frame rail you have to step over to get in looks 4 times wider than the C4s, and I'll probably have a hard time squeezing into it.
After saying all that I'm still a little jealous and would love to drive it.
There are pics of it on pages 1 -4, 6, 11.
http://www.plaftaphoto.com/gallery/album178