I'd like to know as well
I've always thought the the main difference between the two was that one has a removable bumper piece whereas the other one doesn't. Neo Hybrid is two pieces whereas the Ultra Hybrid is one piece case.
I recall on my 2015 regular Neo Hybrid, the edge was raised enough to protect the screen face down, even with a tempered glass SP installed.
I have both. The neo hybrid is a little more bulky. I have the neo hybrid and neo hybrid ex. And I used to own the ultra hybrid. I like both cases and they both have their strengths. The neo hybrid cases have the metalized buttons that make the use of the buttons nice and crisp. The ultra hybrid was a little harder to push and that is why I don't use it as often. The ultra hybrid also has a hard plastic back with softer you sides. The 2 piece neo hybrid is is soft tpu with plastic bumper. I don't have the ultra hybrid any more since I give it to my dad but I can get pictures of the neo hybrid in both of versions that I have.
Based on your experience, which is better at protecting the iPhone from damages due to drop? I have an Otterbox defender. It is a bit bulky but I am sure that it can protect my phone from drops.