Anyone seen or heard anything on this prop. I know their old version was not very efficient.

I have only ever heard good things about the original ultra props...

I am pretty sure they wouldn't have turned to junk in the second generation?

It will be interesting to hear from someone with experience with the new ones

Yes the originals were kind of junky, but the kept the "ultralight" speeds in the legal area.
From the website:
The Ultra-Prop blade has a very simple airfoil and planform with no aerodynamic or geometric twist. The selection of this configuration has a story too long to reiterate. Suffice to say, it works very well on many ultralights. Unfortunately, the injection molds to make a longer and more sophisticated blade, along with the associated development and testing, are prohibitively expensive. If all goes as expected, we will introduce a new 66" diameter Ultra-Prop with a sophisticated blade design by Craig Catto in 2016.

So yes apparently they have a new blade design, And shoot, for the price, it might be worth a try.