Yep, You've got it right. I've got a friend that has one in .270. 20" barrel, no sights, brown laminated stock with ebony forend tip. I mounted a Leupold scope on it and sighted it in for him way back in around '89 or '90, and the zero hasn't changed since then. He shoots nothing but Remington 130 gr CoreLokt factory ammo out of it, year after year, and it consistently groups around 1" to 1 1/8" if he does his part. It's so consistent that I think you could use the same target and shoot one shot a year for five years and the group size would be the same.
Oh, one other thing, due to the laminated stock, it's just a little heavier than a comparable regular wood-stocked UltraLight with the same barrel length and caliber. We've talked about hollowing out the buttstock some on his to lighten and make it a little more muzzle-heavy.
