Well the Ultra wasn't out when I bought my custom, but even if it was I would have still bought the custom.
I was actually looking at used 09s, because I wanted the Mirage Orange. I even looked at ones with matching tourpacks. But visually, they still were just a blah bike with a nice paint job, they really didn't give me that warm fuzzy feeling. Then I saw the 2010 Custom, and it was like "wow, that's sweet".
And now that the Ultra's are out, I'd still opt for a custom because I like the look better. I can add lower fairings and a tour pack to my custom, and still have an ultra type bike but with all the cool looking custom parts and wheels on it.
If looks were secondary to function, then it would be an Ultra all day for sure.
Sal - 2010 Vivid Black FLTRX