This was already addressed, though I haven't seen any comments regarding how useful it is since the update, other than 'casting time is too long to make them useful', which seems a poor excuse since half of the UL spells only have a 1 sec cast time. What makes it a poor 2 hour is the fact that most of the spells suck for the amount of TP they cost.
Unfortunately I only have 3 UL spells myself so far so I have to go by what people say about them, but they don't get much praise.
The only one I see worth using is harden shell.
The worst one has got to be Absolute "loldoesnteverproconanythingworthwhile" Terror.