Well they've dug up more info on the DoS version, and they've figured out that in that version Ultima is dependant on all of your stats and magic skill levels. Frankly I think that's a stupid way to do it. It makes you do too much training.

Sorry, in the FC version Ultima is just pathetic. In DoS it starts out doing a very good amount of damage, but as you level it up it doesn't do much better, while Flare and Holy become MUCH better.