Okay, so I just installed the ultras. Here is my story.
I received the package today - I had placed the order June 29th. The box was kind of dirty and definitely not in pristine condition. The contents of the baggie were also quite disorganized, with one of the side pieces completely off the template and attached to the front cover. Otherwise they were in decent condition - no lettering transfer from the instructions or anything.
I applied everything in about a half hour with a "wet" style mounting technique.
Attached are the pictures of the front and back sides immediately after installation. It is safe to say that it doesn't look good but that is expected.
However, even as I finished installing the side pieces (which were a hassle), I already noticed air bubbles disappearing. I will take pictures in 24 hours again to show you the final product.
All in all I'm pretty happy and probably won't be asking for a replacement. Then again, this is my first iPhone and my first "clear protection system" product so maybe I'm not picky enough. This is why I'll post pictures tomorrow and you guys can tell me if it is not up to par.
Some notes about the installation...
1. I did not use the rubber square unless I wanted to stretch the film out. I used a credit card instead to push out excess water. I wasn't aggressive with the credit card at all (ie I didn't hunt down every tiny bubble and try to scrape it to the side).
2. I used plain water when mounting the films. I simply wet my fingers and splashed water onto the covers as I removed the adhesive paper thing.
Right now, about 2 hours since I installed it, I'd say the front and back have seen a 75% improvement. There are still several bubbles but much improved from the attached pictures.