I don't actually see where it says "ultra," but there are a few minor differences between the 48464 and the 48465. The Hamilton Beach 48465 has more stainless steel parts and fewer plastic components, making it sleeker and sturdier. It also has iced coffee and automatic morning brewing features in addition to all of the 48464’s already existing programmable settings. Other than that, the two models are virtually identical.
I have the NON ULTRA version and the only difference between this model and the ULTRA model is the backplate on the older model is black plastic...so you're paying extra money for the stainless steel backplate on the Ultra model. All functions are the same on both models...selecting brew strength, to hold warm for 4 hrs....etc. The backplate is the ONLY difference.
Apart from appearance I can't say. I have the 48464 and it brews cold coffee or tea, it is programmable and can be shut off in 1-4 hours. I would hope there is more to the 48465 than looks for the price difference. Be advised the filter/valve assembly is delicate. I broke it while cleaning out crud that (normally) accumulated. That's why I'm looking here.
This model has 2 additional programmable features, including an iced coffee feature plus the ability to program the coffee maker up to 24 hours in advance for automatic timed brewing, a must in our household.
Using the compare feature on Hamilton Beach website, every specification is identical. On the 48565 details page, there is one sentence that I think explains it: "For extra shine, this BrewStation® coffeemaker is accented with a stainless steel front."
I guess because it gives you more options.. It has silver back plate instead of black. You can set it for the time you want to keep the coffee hot and also allows you to set the brewing strength. Hope this answers your question.