Ultra is a tool for working with blue- or greenscreen video in a very straight forward way and it allows you to easily change backgrounds in a video and it even gives you a real time preview during the shot, amongst other things. Very cool.

OnLocation (previously called DV Rack) on the other hand provides you with an easy way of recording video directly to disk, for example on your laptop. No need for tapes anymore. I saw a demo of this at Adobe Live in London and the tool is really powerful once you take a few minutes to explore the many options its interface provides.
You can watch the recording by Karl Soule here.