I've had the Galaxy Watch Ultra for a month, so I wanted to give a real-world review of living with it.
Yes, it's phenomenal. Does just about everything from tracking sleep and steps; to giving me notifications; to making & taking phone calls; managing my music player; to serving as a remote control for the phone's camera (not only can I switch between photo & video, I can actually pinch-zoom the camera in and out and double pinch to start/stop). It even tells me what time it is!
I've banged it against things pretty hard, too, with no damage.
However, I'm not sure how Samsung expects users to get a week of use from a charge without power saving mode - which effectively kills the background processes. If someone has the SIM option and is on a hike, not worried about sleep tracking and just needs the watch to last as long as possible, that may work out. I generally top off the charge daily... although I could MAYBE get 3 days' use out of it with my usage.
If the whole world didn't have my phone number and can contact me, it might be worth having the SIM option so I can leave my phone at home for shorter trips when it's still nice to make a call (like to the Darling Bride, asking her why she added flour to the shopping list when we have flour).
No regrets on the watch, though: and Samsung's $350 trade-in offer on the Watch 5 Pro made it a no-brainer. I highly recommend it to someone who might be interested in it: just wait until Black Friday to get the best deal.