it wont quite be like a full 32 pipes no, theres some loss. having two ultras doesnt mean your gonna get twice the performance of one, but in general you will see more than 50% performance increase in really strenuous situations.
another thing, even tho each ultra has its own 256mb of on board memory, in SLI mode you still only have 256mb, since the same data must be written to each cards memory.
so no its really a true equal to 32 pipelines, but its the most powerful set up there is out there at the moment so just enjoy it