If they had indigo integration then it would be really really cool. The one thing (like all cloud based devices) is when you look at a camera in real rime it takes a few seconds for the video to come up (link to cloud and push to your monitor). I always say they are great for security and recording "what happened" but not perfect to see what is happening at any second (due to the link time mentioned above).
This is my biggest issue with them -- well, not so much the length of time to come up but more so that it is hard to just have them all constantly streaming (or not all, but key ones) to a display. I see their baby monitor will stream locally when on the same network and I'm hoping the newer models (like the Ultra just released) will inherit that.
How is the motion detection and alerts? I'm used to my NVR where it is a constant record, so not sure I would be okay with the record-only-on-motion unless I felt sure it was getting everything important. The Ultra even takes it a step further with auto focus/zoom/tracking on objects, so it had better work well! And the 4K and color night vision and a few other options are cool, but ... there are drawbacks.
Part of this drive is wanting a video doorbell integrated into the same system as my cameras; if someone made a good ONVIF one (here is looking at you Unifi) I likely would go that route. However, the wireless (with battery) option would be good in at least 2 locations that I can think of, and only Arlo seems to have that option down well that I've seen.