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Adobe doesnt’ have anything like onLocation while AE can do everything that Ultra could. Just not as automatically. It also is integrated with the other programs in the suite which Ultra never was.
According to one of the developers logs over at Adobe, they just weren’t sure how to make Ultra less of a stand alone program and integrate it with the rest of the suite, which it really isn’t. So they put it on the shelf in favor of some other enhancements to the applications.