Ultraleather is actually a product designed for the boating industry. It is designed to be used in boats with the look and feel of a nice leather, but able to take the wear and tear of high traffic, and bad conditions. For anyone that has been in a newer boat and sat on the "leather" couch you have sat on Ultraleather. It sounds like it would be a an awesome alternative to vynil, and cheap Ford leather...
Personally I like leather, not vynil. I might be wierd but I can tell the difference, and even consider the wear (NOT cracks or rips) to add character. If taken care of right a leather seat will last many years and many many thousands of miles. I have 01 seats in my car, and they are basically perfect. They have the stretch marks ever so slightly from sitting in them, but other than that look brand new. Leather needs care (cleaning and conditioning) but will add to the cars looks and feel.
I actually plan to change my seats, or have them redone in a nice sofa leather I have seen. It should wear great, and feel nice as well!
I will say for $1100, grab some 03/04 Cobra seats or save some money and get some newer 94-04 GT seats in leather!