Apple still murders customers on storage prices...
But the Studio Ultra redefines price/performance by any measure. It's another breakthrough.
(The following thoughts are my opinions and I'm happy to hear I am completely wrong. But these opinions are something like informed, not just mouthing off...)
This is the best value Apple has ever offered and it knocks PCs upside the head. No hack can touch the Ultra on value. While you can hack something together sort of comparable based on price, any real advantage — if you can find any at all — will assume your time is worth nothing, or even has negative value.
The Studio Max (vs The Studio Ultra) is unlike previous Mac lower-end offerings in that it is not a cost/performance compromise at all.
Unless you do hi-res pro video, systems development or science, the Ultra is excessive.
IOW, the Ultra should only be pursued if you know exactly why you need it, and if you know this then there's no cost-performance tradeoff to be considered.
The Ultra slams the 2019 Mac Pro into the ground. There are still some very narrow reasons why the Xeon Mac Pro still means something to certain class of buyer, but no such buyer ever chimes in on these forums. I think the most significant of these narrow cases is ECC RAM — I believe the M1 is not ECC RAM, but I'm happy to find out I'm wrong 'cause if it is, it just increases its value over 2019 Mac Pro.
For the Studio Max, there's horsepower to spare for anyone doing DTP / photo and many other common workloads, with lots of room to grow into new styles of work. The Studio Max encourages wasteful approaches to work because there's so much power. The Ultra is just gilding the lily.
For 98.9% of buyers, get the Max and put the $2K towards something else, like Studio display, storage, etc.
(I'll say it again, these are opinions and I'm not intending to beat anyone over the head. Looking forward to hearing a contrary view)