*really* late reply
Yeah, I could see that comparison. Both titles kind of represent editorial throwing up their hands and saying "I give up; I can't tell stories with these characters" when such a statement is just unnecessary. Both stories also featured characters careening toward the moral event horizon (Peter's deal with the devil; Ben Grimm becoming a bare-fisted murderer). Both show a change in storytelling style that doesn't mesh with what made the original books fun for their fans in the first place.
I think Ultimatum may do OMD one better simply because it took more of the Ultimate U completely off the board by removing a number of key characters with a great deal of story potential. Of course, OMD also has the distinction of making a lot of stuff in the regular Marvel line insanely confusing, so your mileage may vary.