The other difference between the Ultralite and the Compact is the shorter LOP, which I believe, makes it a distinctly enough different rifle to handle and carry. It changes the OAL from 40" to 35.5". I'm 5'11" and I get along just fine with most factory stocks with the "usual" LOP, but I do like 'em shorter as well, especially for offhand shooting, and since I generally wear some pretty heavy clothes when hunting.
I had an Ultarlite in 30.06, which I gave to one of my son-in-laws when he started deer hunting. It was a good rifle and very handy. I got a standard SS/syn 77 MKII in .308 and had the barrel lopped to 19.5". I use that rifle the most and really love it. After handling my friends new Compact this year, ummm, I think I might just have to have one of those. I mean, I have an extra Leupold 2.5 Compact scope layin' around and it seems very wasteful not to be using it. Right?