Nero also sells full-featured versions, called Premium for the European market and Ultra Edition for the North American market. For reasons that are not entirely clear, North American purchasers of Nero 7 (Ultra Edition) are not entitled to LabelFlash or DiscT@2 support, although their European counterparts (buying Nero 7 Premium) are. This appears to be the only difference between Nero 7 Premium and Nero 7 Ultra Edition.
Source: Wikipedia.