The real technical achievement that was UltraHLE was the HLE part, or high level emulation. The N64 was very hard to break via brute force, which was project unreality's approach. The N64 was programmed in C, which meant a C compiler, and tons of recurring code. Noticing this, the authors of UltraHLE basically emulated the toolkit of the N64, based on the opcode patterns. Thus the concept of High Level Emulation, or emulation of code patterns. Thus there are compatability concerns with this approach (ones that didn't use the development toolkit won't work), but games that do typically work well.

It's an interesting approach, and a brialliant observation by the two esteemed authors. There have been teases of an update to this amazing program, but nothing has materialized. I don't blame either RealityMan or Epsilon for leaving the scene, they didn't deserve the crap that they got.