Mino HD Flip Cam: Smaller form factor, USB ejects from the top of the unit. It actually connects to the Mac without having to elevate the Mac to connect the USB port. The batteries are integrated into the Mino HD. The TV output is composite only. The screen on the Mino HD is smaller, the unit has 60minutes of record time with 4Gig of Flash.
Ultra HD Flip Cam: larger form factor, USB ejects from the side instead of the top. I have to elevate my Mac to line up the USB connector. The Ultra HD has an HDMI interface to connect directly to an HDTV. The screen is larger, the batteries are user replaceable and you have 120 minutes of recored time with 8Gig of flash storage.