I'm in the middle of covering my Extra 300S using Monokote and Ultracote. Reason being color availability, have a sport Air Force One scheme going on. Here's what I have found so far:

I'm using the Ultracote for the white and the darker blue. White because of the horrible experience I had with white Monokote a while back, the dark blue because it comes closest to the color I need. The white is going on like a dream. Extremely easy to iron down, very little tendency to wrinkle anywhere. Stretch and follow with the iron around 230 and it just doesn't have any bad habits. The real pleasant suprise is hitting it with the gun to shrink over the open bays. Takes no time at all and very little heat to get the job done. Not even a hint of a pucker. The gloss isn't too bad but is a bit less than my Monokote. In the car world we call it DOI - distinction of image - here the Monokote bests the Ultracote. It's ok but has a hazy appearance in comparison. I am wondering if I may have some sagging issues being that the Ultracote took so little heat to shrink, that is sitting in the sun at the field. We'll see. I haven't got to the dark blue yet so the jury is still out on that.

The light blue Monokote is used on every other bay on the bottom of the wing and center section. I have either got lucky or maybe they are starting to turn things around a bit. It takes a little more finess but I've had no real issues using it. Yes it takes more heat to get it to do what you want but I wasn't swearing at it either. Ironing it down wasn't that much different than the Ultracote, I use as low a heat setting as I can when ironing, especially over sheeted surfaces. The noticeable difference was in shrinking it. You have to chase the wrinkles around the bay trying to get it all shrunk evenly. That is one side will shrink up nice but leave puckers on the other side. Move over there and the residual heat loosens up what you just shrank. You can deal with it alright, just a bit more labor intensive. I do have to say that once it is tight I have rarely had to reshrink after a day at the field. Just never has been an issue for me. The overall appearance of the Monokote is better in my opinion - meaning gloss.

So here is what I've found so far:

Ultracote

Pros:
It's easy to apply. Very easy. Seams, sheeted surfaces, open bays. Low heat is all that is needed to iron and shrink. Very nice looking job with a bare minimum of "oh crap" moments.

Cons:
Cost. I guess you get what you pay for.
Short width roll. What's up with that? Maybe nit picky but I miss the few extra inches in width that Monokote supplies.
Gloss. Monokote beats it - hands down.
Color availabilty. They could rule the market if they would just offer more.
Chews through razor blades. Monokote cuts like butter, this stuff, well better have a box of blades cause you are going to need them.

Monokote

Pros:
Gloss. If you can get it to do what you want it's one spectacular looking covering job.
Stays where you put it. I have to say I have never had to go back and pull the iron out after a day, or months, or years at the field. Get it on right the first time and it stays put.
Colors. Enough said. Like I said if Ultracote comes out with a better selection Monokote is in biggggg trouble.
Scent. Sorry, I do like the smell of the stuff. Maybe weird but it takes me back to being a kid helping my brother cover his planes. Let me be young again. (work in a paint store, that may have something todo with it too....)

Cons:
Shrinking. Sorry, but it just isn't like it used to be. I don't claim to be a covering expert but I do nice work. Been doing it since the 70's. And it ain't what it used to be.
Inconsistency. Some works great. Old and new. But after spending what could be months building and sanding and sanding some more you shouldn't have to wonder if you are going to have to strip the covering off and sand some more.

I'll post some pictures after the job is finished. So far everything, Mono and Ultra, is going great. Don't mean to ramble on but sharing info is what RCU is all about. Maybe someone from TopFlite or the Ultracote people will take notice. We do notice these things. Pay attention manufacturers!!!! Get us what we want and the money will follow!!!!

Regards,
Dan