I'm with you on that. Too little A-list content, although much was announced last year. My take is that the cheap and free content they acquired through agreements hasn't provided for the funds to acquire more A-list. Anyway I never believed the fairy tale of "the next Netflix".
Alchemy may bring some quality movies. Millennium isn't that great at first sight (if ever they get on UF). More quantity than quality.
But I guess it all depends on the rental price. Will people pay twice as much for a film upscaled by Ultraflix, than a HD from Amazon upscaled by the TV set ? There must be a significant visible quality difference to warrant that. I doubt that UF will become a household name. Not saying it will go nowhere, if they get their act together.