Only had use of an Ultimo for the last week & I wouldn't say it's out dated...
Have a few newer generation boxes & while they boot faster (something that shouldn't really be an issue to end users) none match the speed & reliability of switching between DVB-S/DVB-T tuners, don't currently have cable to test though.
If others reply that DVB-C/T/T2 works fine in the Ultimo, I'd buy that card.
Nothing currently available beats the Ultimo VFD. It's replacing my Solo2 as my main viewing box. Solo2 will be kept for testing as it can be couch flashed & restore settings during an ad break, again something that wouldn't really concern most users, Ultimo takes slightly longer but I prefer it...
LX3 might also be worth looking at if you want an upgrade, some positive reviews on here.