This is not a free version, as MacUpdate states. Instead this is a new subscription model which for me equals to: 'goodbye' Ulysses.
I think Ulysses is best for short and unstructured text, like newspaper and web articles, and blogging. Many diehard Ulysses-users are bloggers.
I pasted a long and heavily formatted dissertation into Ulysses to see how easy it would be to break it down into small chunks in Ulysses. The Headers remained intact, but all the formatting was lost, which is ok, but I think it would take a long time to create sheets for each chapter and section, and markup tags would have to be inserted from scratch manually one by one, which could be very tedious. I don't think, for example, that there's a way to automatically select all Headings 4 and change them to, let's say, Headings 2. Correct me if I'm wrong.
In other words, before formatted documents are imported, it's best to use tools like Nisus Writer Pro to quickly change the formatting and insert markup tags instead. In Nisus this doesn't take more than a second or two, and can be fully automated.
Apart from the Goal-setting feature, which is really good, I can't think of anything that Nisus doesn't allow you to do much better. In Nisus you can instantly create markup tags. I even tweaked the interface and the styles to give me a certain Ulysses feeling in Nisus. If you assign Heading 7 to the "Normal" style in Nisus, all your text will be accessible in Nisus' Navigator, from where you can instantly restructure the whole document by dragging portions of the text up and down in the Navigator, like you can do with sheets in Ulysses.
Ulysses also can't assign language property to text (like Nisus can do.) Therefore there's no way, for example, to find all French words and phrases in your document.
Ulysses doesn't have tables, does it? I searched for the word "table" in the introduction and found "comforTABLE", which then reminded me that you can only search for strings, not words. Enough said.
Based on the following criteria, I give Ulysses 2.5 stars.
 Not so good,  OK,  Good,  Very good,  Exceptional