Cool prospect
It'll be great to see "Ultra Ethernet" compete with Infiniband on bandwidth and latency, with the advantage of multiple-vendors (less lock-in). For the goal of using this interconnect to lash together nodes, racks, cabinets, and whole datacenters together, resulting effectively in "megascopic" AI computers (heterogeneous and composable), it should be important that the networking protocol support "memory coherence" in the way that CXL 3.0 does (for PCIe 6.0). A 128-bit network (global) address space should also help break through the low ExaByte barrier, as needed for Zettascale computing (eg. scaling the 1.2 Exaflop/s Frontier's 9 petabytes of memory by 1,000 comes quite close to the 64-bit addressing limit).
This competition, between ethernet and Infiniband, will remain quite exciting and fun to watch IMHO.