I think it is priced decently, with what it has to offer. It’s crazy to think that my S7 SBTi costed more when launched ($1279) compared to the Ultra ($1199).
The Series 7 Titanium was US$799 for the 41mm model, and US$849 for the 45mm. So at the very least, I would have expected Ultra to be priced at US$899. It was a nice surprise.