AFAIK, 'Ultra II Compact Flash' is not an actual standard. If I had to guess, I would say that it probably has a CF Type 2 slot (so it can use larger Type 2 cards and Microdrives), and possibly can also use higher-speed CF media (and actually run them at the higher speeds they support).
A quick Google search seems to show that some manufacturers (or at least Sandisk) are using the "Ultra II" moniker for 60x-speed CF Type 2 media. Perhaps the camera comes with one of the new Sandisk high-speed CF cards, rather than a 'regular' CF card?