I haven't tried the Elite shorts yet, but to me the Chamois seems better. I always wash my shorts before using them for the first time, and washed the Elite in the same load as the Ultra (actually they were the Fuji shorts which Performace doesn't seem to have which were identical to the Elite). The Chamois on the Elite appeared to hold less water (coming out of the machine) than the Ultra.
The Ultra's themselves are decent, and the fabric is nice. In the same price range i'd also check out the following:
-Giordana Silverline from one of the UK Sellers (Wiggle, RibbleCycles, etc.), the US pricing is significantly higher than the Ultras. These seem to use a nice lightweight Lycra and are also comfortable. They're sized small, FYI.
-Anything from Voler with the Ion pad. I'm a fan of the Ion pad and think the Volers are great. Up until this year, these were the Hammer bibs everyone on the forum was referring to. Voler puts their stuff on sale every now and then and the bibs with the Ion pad are pretty decent.
I haven't tried Assos, but i've been reasonably happy with all of the above. The Voler/Performance stuff is made in the USA, while the Girodana is made in Italy. For the price i've been quite satisfied with any of these.