Yep.
I got the Ultra II because it wasnt much more than the standard one at the time in the store I bought it from.
There really is no need to go for them if there is much of a difference in cost as the standard blue will give the same speed boost over a sony or sandisk gaming card that the Ultra does, when used with the PSP.
In a card reader or a new camera or something you'd probably see the benefit of the Ultra II over the standard blue, not in a PSP though.
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