I picked this up early at Target (thanks to the other reviewer who mentioned it was available there) -- a bit more expensive than Amazon, but the long and short of it is I was getting tired of waiting.
First, kudos to WB for including parts 1&2 in one set, and not making us buy another ginormous case for our shelves (although I guess it means one less set of collector cards and books, but I doubt anyone is buying the Ultimate Editions for those). And kudos for not making this only available with the super deluxe, super expensive, re-released set of all the movies AGAIN, which was my fear for a long time.
This is just as feature-rich as the other Ultimates (minus extended versions of the films, but that is a subject already covered exhaustively in all the other sets' reviews). I wasn't keeping track, but there are at least 2-3 extras lasting 40+ minutes, plus a bunch of approximately 4-minute featurettes. Thankfully, they for the most part avoid being redundant (apart from Hermione and Ron's kiss, which if I never again hear how awkward and difficult it was for them, it will be too soon). (However, is it too much to ask for a "play all" button? It exists on the Deleted Scenes section so I know they've heard of it. It gets extremely tiresome returning to the menu after every single 4-minute segment. Also, no "resume" function on these discs, which is hard to believe in this day and age.)
The other reviewer Paul J. Mular is correct: What is NOT included is the 47-minute doc "When Harry Left Hogwarts" that can be found in this "Target exclusive" set: Harry Potter and the Deathly Hallows, Part 2 (4-Disc Blu-ray/DVD Combo UltraViolet Digital Copy Edition with Bonus Disc). This is fascinating maybe only for truly hardcore fans, and probably worth the used purchase price if you want to get a feeling for what it was like on the set of HP. I swapped out one of my DVDs for the bonus disc in my Ultimate case, making it truly "ultimate."
They've again included on both movies a "Maximum Movie Mode," where the film is interrupted with little pop-up featurettes, again miraculously somehow rarely repeating what is included in the other features. For part 1 this adds another 20 minutes of extras. For part 2, it's over 35 minutes, but don't get too excited--Most of this is "Remember this character? Let's go back to the other 6 films and look at what they did." Really boring and unnecessary I think for anyone who is a big enough fan to buy the Ultimate Editions. In addition, there are even more "Focus Points" which have to be manually selected. Hint: These are also included in their own section of extras if you don't want to keep one hand on the remote.
Also in Maximum Movie Mode, on part 2 they have inserted the deleted scenes back into the movie -- albeit surrounded by a big frame reading "DELETED SCENE," and sometimes preceded by a brief featurette explaining the scene--but still apparently as close to an "extended version" we're going to get.
One last tiny quibble: The sound mixing on the extras is horrible, and the "background" music almost completely drowns out the voices. I also experienced this on my "American Werewolf in London" Blu-ray, and it's enormously irritating. Don't they have fancy mixing boards to make sure this doesn't happen?
I'm glad I bought this, since I couldn't very well live with just the first six films. I'm also glad to be off the HP movie buying train, because it hasn't always been a pleasant ride thanks to bottomless studio greed and double dips. But I don't want to end on a down note. This set is great! Buy it!