I played in the Open in this tournament (as bottom tier, dead money). It was a great event the first two days and I would definitely play in another one of their events. The UK team they had running everything was great, and at least as of this afternoon, they were running 30 minutes ahead of schedule. Each table had an ipad to record to the score and the website updated in real-time with scheduling and table information. The TV table was busy with interesting matches both days. The pros imported from the UK were all friendly and nice to the locals.
As Bob mentioned above, Ultimate Pool has non-standard 8 ball rules, but they didn't seem to cause many problems. The required racking order is not the standard American style, so that caused some minor aggravation and complaining.
Like almost everyone here, I would rather watch pros play 9-ball on a 9 footer, but this was a super well-run event that was accessible to lots of casual players. Hopefully they continue and do these around the country.