I thumbed through it at my FLGS and it looks really good. I'll be putting it on my XMas list though - no gaming stuff for me for quite a while after the Reaper Miniatures Kickstarter!
What I really dread about the book is that Paizo will take it as another excuse to not include stats for items in adventures. More and more, Pathfinder modules can be played if you have a computer with access to the internet, but otherwise you need an insane number of books to play them... and I'm not a fan of this trend.
As MerricB said, the reprinting of a lot of items from the Core book and the ugly beginner box formatting on the colored pages turned me off from purchasing this.
As a rule, no. Ultimate Equipment is setting-neutral, so anything Golarion-specific is out.What about all the stuff scattered in Guides and Pathfinder modules, etc? Is that in there?

(Dungeons & Dragons)
Rulebook featuring "high magic" options, including a host of new spells.