Futurlab describes Ultra as the "director's cut" of Velocity. As the before/after gallery below shows, the differences are chiefly visual, with a new cartoon art style in favor of the original's pixel art, and additional visual effects to provide a crisper, more striking look.
Velocity Ultra is the first Vita game announced by Futurlab since the studio acquired funding from Sony to bring new IP to the handheld. At the time Futurlab opened a website for its next project, "Fan Powered Flight," and that project is now revealed to be Velocity Ultra. While we didn't get our genetically engineered flying penguin, we suspect Futurlab's fans are happy with what they got.