I agree with Wlscott; the only thing that I would add is in regards to the .22LR. Optimum barrel length for it, so I've heard, is only about 18". After that, the bullet is no longer accelerating because of the small powder charge. I used to think the longer the better, until I started reading up on it. I also found that some tactical urban sniper PD units use the .308 with an 18" barrel.
I think the rifles from years ago benefitted from longer barrels as much from sight radius as anything else. It's also possible that black powder, with its slower burn rate, was a factor as well. In either case, if you're using a scoped weapon burning smokeless powder, sounds like you won't lose anything with a shorter barrel. I would guess handloaders may be able to make use of the longer barrels by using slower burning powders, but that's a practice I'm just starting to get into.
I have the Ultra in .223; the 24" has never been a hindrance, as the gun is light, but I have not desire to cut it down -- I like the way it looks!