All this talk about Ultra Lights made me want to list the things i like about mine and why i think the price is reasonable compared to other custom SMLs. Many are twice the price and most are several pounds heavier.

Basic materials http://www.newultralight.com/HTML/ultralight-arms.html
1) 100% American made and made mostly in house by master smiths.
2) The action and bolt are held to 2/10,000ths of an inch tolerances or less and are made from 4140 (actions) 4340 (bolt) heat treated and stress relieved ordnance grade steel.
3) The breach plug lasts for thousands of rounds and is truly head spaced on the primer rim. 100% blowby free with recommended primers.
4) The bolt has rear locking lugs, a fairly small firing pin and a recess for the primer rim for proper support.
5) The barrel is a Douglass Premium XX which is also stress relieved and true from one end to the other.
6) The action has 2 mounting screws and a machined recoil lug.
7) The full length bedded stock weighs 1-1 1/4lb and is not drilled for hardware like the sling studs and pillars. They are molded into the stock when it is made.
8) The Timney trigger is set at 2-2.5lbs and designed by Melvin Forbes is standard or you can choose a Jewell as an option.
9) The bolt release is simple and easy to use without tools.
10) Total package is under 5lbs for the standard configuration.

Options http://www.newultralight.com/HTML/rifle-options.html
1) Your choice of LOP and stock color/pattern.
2) Some choices in barrel length and contour
3) Stainless barrels were optional but im not sure if he still offers a M209 with a SS barrel.
4) Left hand or right hand actions are available

First hand observations good and bad.
Bad
1) The ramrod is junk and the guide needs an update.
2) Priming takes some practice if you don't have a tool.
3) 50x458 sabots are tight and don't seem to be as accurate as 50x452s.
4) Tolerances are so tight you might not be able to use any 209 primer. Even the same primer from a different lot number may not fit.

Good
1) FPS is typically 100fps higher or more than the same book load in a Savage smokeless 50cal.
2) Recoil is surprising light even with a 275gr bullet moving over 2200fps and comfortable with a 225gr bullet at over 2300fps.
3) Extremely consistent accuracy with 225gr-275gr bullets.
4) The barrel is incredibly smooth and consistent the full length. It doesn't seem to require as tight of a sabot fit as the Savage to achieve acceptable accuracy/reliability with smokeless powder.
5) The fired CCI primers look great and have never stuck. The combination of being fully supported/enclosed/head spaced and the small firing pin seems to really work.

In all honesty, i can say this is the least finicky ML i have ever shot. I have gotten consistently acceptable hunting accuracy with 2 smokeless powders and at least 6 bullets. Its by far more capable than i am when shooting from a benchrest with recommended load data. I was very skeptical a 1-32 twist 50cal would ever impress me but now i am a believer.

Thank you Chuck for selling it to me, The NULA will certainly be one of the last two to go if i ever have to sell off some of my MLs.