Mark, I've got the 22" 45-70 barrel on my Ultra. I got it primarily as a short range (100-150 yard max) hunting rifle.
I really like the way this gun handles. It points like a good shotgun in your hands.
I can't really comment on the accuracy because I have been messing with cast bullets lately, and I'm pretty new to loading them. Most of my problem seems to be due to my inexperience loading for these type bullets.
I can comment on the velocity. The velocity I am getting out of the shorter barrel seems to be on par with what most of the books say I should be getting. I'm pretty happy with it. Like I said, I don't plan on using it past 150, so I am mostly just going for accuracy.
Overall, I am pleased with this barrel. It is a blast to shoot.