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Good points JEGG. They are certainly very different! Here's how I sort of see it:
Duet:
+Sound quality (in and out)
+Elegant, simple design
+The Apogee brand
-Only 2in/2out
-Closed system (can't upgrade at later stage)
Ultralite MK3:
+/-Sound quality is an unknown
+Comprehensive routing options
+Expandable
-Paying for DSP effects I probably won't use
-Possibly complex to set up and operate (Cuemix vs Maestro)
If the price difference was more (here in Oz the Duet is $A700 and you can get the Ultralite for about $A850) the Duet would be a done deal.
However, you are spot-on, this is a moot point until someone has a MK3 and can confirm a sonic improvement or not...
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