In my opinion, it's harder than grandmaster vanguard alert.
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I personally didn't see any issues with it. My matchmade group only had 4 deaths total across the entire run, 3 of which were from the same guy so he was the only real "problem" throughout. It's possible I got lucky, or that certain encounters are more difficult than others at Ultimate, or even certain bosses are just more prone to downing players, but it barely felt any different to a regular Ketchcrash. If not for the Champions and Revive tokens, I might have thought it was the normal playlist.