Both use the same motor (Suppo 2810-9) and 3s 2200-2800 battery (4s is an option, but 3s provides plenty of power). The Ultra weighs 36oz with 2200 3s battery and the XL is just a little lighter (and has more wing area, so is really gentle).
I've now got three flights on the Ultra and am delighted with its handling and appearance. As the video shows, it's smooth flying, fully aerobatic and easy to land. It's more streamlined than the XL, so has the potential for higher top speed.
As an ARF, it goes together quickly: glue on the wings and tail; install the motor; install the servos and linkages; install receiver and ESC; glue on the bottom reinforcing; glue on the canopy; add decals. You should have it in the air in 3-4 hours.
So take your pick: either the Polaris XL kit or Polaris Ultra ARF (or the smaller original Polaris) -- all are wonderful flyers and excellent on the water.
Note that there's a thread devoted to the Ultra:
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