Well, I didn't get a response so I went and got one to find out.
*WOW*
That's all I can say. The bass control is excellent, plenty of gain to drive Cardas-cabled Senn HD-600s and absolutely excellent build quality - which is to say, that like most of the hardware that gets my nod, you could beat someone to death with it and still use it (for example, the remote for my Rogue Magnum 66 pre or my old Bryston SP 1.7 - or a Nikon pro SLR / D-SLR).
Interface wise and software is EXACTLY like the Traveler (used the same drivers, makes back to back a simple matter of unplugging one and swapping cables). It's not a HUGE sonic improvement over the Traveler, what impresses me / gets the "wow" is that its one of the few products where rather than cost-down and cheap out on the small / "lite" version they learned what REALLY worked on the big brother and improved upon it while simply cutting out a few features / connections, not quality!
BIG Thumbs Up to MOTO on this one, way to go guys!! I think I might just keep the Traveler in my main rig off the Mac Mini for now to feed my DACs and use this to travel, but you might see a Traveler up for grabs soon - the other thing that Ultra Lite surprised me and does is it passes 5.1 or 7.1 via the Analog Outs and might make a killer little HT Pre - gotta test it further....
EDIT: PS - I normally DESPISE Up-Sampling, well, this thing sounds SMOOTHER at 96k out than most everything I've heard, I am still listening to see if it's adding a lot of dithering or just simply doing the conversion at a higher word-length like my TriVista (probably the case, these MOTO folks seem quite intelligent). NICE.
Figured I'd attach a picture. I can't get enough of this thing, listening to Hold your Colour by Pendulum (UK D&B / Electro group) - OMG bass... I swear I have hybrid 701s and HD600s lol....