I don't go "ultralight", but I have certainly tried to go lighter. On my first cross country ride in 1986 my bike probably weighed close to 100 pounds (I wish I weighed it before I left). On my 2012 Alaska Highway ride my total weight, including the bike, all the camping gear, all my clothes, (everything from the ground up) was 48 pounds. Food and water added to this total.
It might be psychological, but I definitely notice the difference on climbs. Flats not so much and downhills are the same. One big difference is that I can lift the loaded bike over a fence or easily carry it on my shoulder when I have to hoof it into the woods at night.
After every tour I analyze my stuff and see if I can use something lighter or get rid of an item completely. On the Alaska trip there really wasn't anything that I didn't bring that I wished I had.