I'm on my 2nd Ulitmate. For a motor, go with the Himax 2812-850 with a 11x4.7 prop. It's a stick mount outrunner, and it's quiet (no gears to strip), more efficient than the E-flite 370's (got one of those too), and it comes with a prop saver. For an esc I'm using a cheapo 10 amp unit from ebay (via Hong Kong) or somthing with higher amps, maybe up to 20 amps. For batteries I'm using li-po's 3s1p anywhere from 1000-1450 mah. Lighter is better, so you might want to keep the batteries in the 1000-1200 range.

Here's some mods that I made to my 2nd Ultimate based on the cracks and breaks that occured on my 1st one. Basically they are before and after mod shots. Note cross pieces of CF rod behind the motor and the flat CF on the leading edges of the wings. Big improvement in strength without adding too much weight. Also, triangle balsa stock under the lower wing will help keep it together.

Bob