I'm assuming you mean the Ultimates that's just been recently printed to TPB. What's wrong with that one? I've read the first TPB and found it entertaining. I haven't read much in the way of those supers' stories though.
What about the most recent DC Identity Crisis? Do you have any qualms with that series?
YOu misunderstand me. I don't have objections to variations in the story. See the conclusion of my article. My problem is the constant rewriting to make some change "cannon." as if non-cannon stories were somehow inferior.
Usually these changes are to cover up stupid mistakes. Let's face it, a vulnerability to "yellow" is pretty darn stupid. Instead of just writing a different Green Lantern (well, actually, the *did* try that, the fans got rabid. Stupid fans.) They instead make up a reason why "yellow" is a weakness, then eliminate the reason. So... if this awful restriction were so limiting to the GL Corps, why did the Watchers not do something about it earlier? That's just stupid.
Retcons typically mean stupid explanations for stupid mistakes, making everything stupider. Just go and make the different version. Thus, Ultimates is actually a "retcon" that I can get behind. It unabashedly states "this is different." The problem, however, is the need to state that it's a different cannon, thus acknowledging that you can't change things. This isn't Marvel's fault though. It was a marketing necessary due to a stupid insistence by rabid fans.