Sadly it's 3.5 quality, :(
They basically announced GPT 3.5, then. Big woop, by the time Ultra is out GPT-5 is probably also out.
3.5 is still highly capable and Google investing a lot into making it multi modal combined with potential integration with their other products makes it quite valuable. Not everyone likes having to switch to ChatGPT for queries.
Claude by Anthropic is out and offers more and is being actively used
Perhaps Gemini is different and Google has tapped into their own OpenAI-like secret sauce, but I'm not holding my breath
So it's a split almost right down the middle, if anything closer to 4, at least if you assume the benchmarks to be of equal significance.