As an M2 Ultra owner doing motion graphics daily, the muted response tracks with what I've been hearing from the Adobe/DaVinci crowd. The M5 Ultra is unquestionably faster on paper, but the config that would actually be an upgrade for a lot of us (the 256GB SKU) landed at a price that turns "exciting upgrade" into "quarterly business decision."
Add the 96 vs 128 base RAM change and you get a specific problem: the natural upgrade config isn't there. Base is a memory step-down, next tier is a $4k jump. Nobody hate-buys their way through that middle.