I got to play one the other day. Yes, the name for the new model is "Ultra." It does exist. The dealer was having a huge Fender sale and there was a Fender rep there who had several unreleased guitar and bass models available to play. First I messed with a strat. Nice. Then the Ultra Jazz. First thing that struck me about it was the REALLY vivid blue metal flake color. It was beautiful. Next thing that struck me was the lack of a gloss fingerboard (the specimen was maple fingerboard). That was bad--it's the one thing I've never liked about Music Man Stingrays with maple boards--the satin finish on the fingerboard. Get's dirty quick and looks cheap. Okay, so I got over that and then noticed the electronics were pretty much identical looking and acting to the Elite Jazz. The neck did feel good as I played it. I couldn't really hear it very well because the store was WAY too noisy with folks playing annoying renditions of Smoke on the Water and Cat Scratch Fever on the various Strats and Teles with amps turned to 11. I honestly didn't even notice if the truss wheel was there or not. If Fender dropped it, that was a stupid idea. I love the wheel on my Elite Jazz and it makes it easy as pie to adjust the neck relief which I do about every time I change strings (yeah, I'm finicky and anal about techie stuff like that).
Ultimately, I wouldn't mind having one just for that awesome vivid metallic blue color. But the satin finish on the fingerboard is a downer and if there is no truss wheel, that is likely a deal breaker. Oh well... at least I got to play one long before any of the rest of you did. So, na-na-na-na-na-NA.