As a huge BvS fan, I'm going to roll both films into one definitive review and give it a 7/10.
Simply put. There was no need for an Ultimate Edition. They could've easily fit all of the relevant information into a two and a half hour runtime.
-1. Cut the Justice League intros. That is 4 minutes of wasted screentime. You want to share those videos with the world? Take a page out of your boy, Chris Nolan's playbook and use them to beef up your viral marketing. End of the day: the general public doesn't give a flying **** about Aquaman or Cyborg or The Flash, when it comes to the Justice League. They care about the Big Three. Show them kicking ass and make it interesting enough to draw people in for more, and they'll learn to live with Cyborg, Aquaman, and Flash tagging along.
-2. We didn't need World of the Psychic with ESP Lois deciding to risk her life to give Supes the spear. Have her throw it off to the side, leave it there, have Supes pick it up and jam it through that big, bony bastard's heart. We didn't need three scenes of her being the damsel in distress. Her desert rescue and being thrown off a roof by Luthor were plenty without the added random drowning.
-3. The Knightmare sequence could've been cut altogether, or, at the very least, significantly shortened. We get it, WB. You were riding that Mad Max hype wave. Point is: there's enough in the film to let us know how Batman views Superman without his whole psychotic, Injustice inspired fever dream. Most people didn't get what you were going for, anyway. Decent idea, **** execution. Movie would've been better without Batman's power nap.
That's -3, giving me a 7/10 as the final score. Assuming they made all of those changes, the run time would've been closer to 2 hours 48 minutes. Take away the 12 minutes worth of credits and you have an actual film that runs 2 hours, 36 minutes. Far more practical runtime, better pacing; and all of the relevant information intact so the movie still makes sense.