I have the old one and it is an amazing pedal. This new one is intriguing. Am I correct in thinking that this is two complete pedals in one housing? I want to set up two different chorus effects, run one through loop 1 of my amp and run the other through loop 2. This way I can control everything through my amp controller and eliminate the need for floor pedals. Can I do this?

I know I can go rackmount, but I like to keep things as simple as possible, and I normally dislike the sound I get from rack effects...although my TC 2290 is mind blowing.

I don't have the new UltraII, but know that you can't have two discreet choruses at the same time. This photo shows that it is a stereo in / stereo out set up:
http://www.dlseffects.com/uc_ii_pictures.php

You can toggle between two different depth/speed settings, but the blend and delay is shared. It also needs a 9V supply than provides at least 130mA. If you've got a pedal power supply like I do, you won't have enough mA to power the unit.

It's tough to tell from the current sound files on the website that this is a new design. The redesign is supposed to be a bit "cleaner" or have "less mids" compared to the DLS Chorus~Vib.