Transparent had three other versions between that and the new MM2.
Ultra -> Ultra with XL -> Ultra XL -> Ultra MM -> Ultra MM2
When i got my Ultra XLs (2000), the rule of thumb was that the previous versions (Ultra, Ultra with XL) were like Super XLs (1 model down). At this point, compared to the MM2s, i would guess that the Ultras you speak of aren't keeping up. But that really should be for your ears to decide. Personally, i'm afraid to compare them. :-)
Ultra -> Ultra with XL -> Ultra XL -> Ultra MM -> Ultra MM2
When i got my Ultra XLs (2000), the rule of thumb was that the previous versions (Ultra, Ultra with XL) were like Super XLs (1 model down). At this point, compared to the MM2s, i would guess that the Ultras you speak of aren't keeping up. But that really should be for your ears to decide. Personally, i'm afraid to compare them. :-)