Purchased as a replacement for the Galaxy Watch3 (which was bought as a replacement for the first Galaxy Watch), so I have quite a good knowledge of the product history of the series.
It is obviously by far the best/strongest Galaxy Watch, while it has a clear advantage over the regular Watch7 due to battery, materials, and appearance.
It offers the complete package of features that an Android (WearOS) watch can provide at this time, while the combination with a Samsung phone (for me, an S23 Ultra) offers specifically the full suite of capabilities of the Samsung ecosystem.
In terms of appearance, materials, quality, etc., it is clearly at the top end, although of course it cannot be compared to good expensive classic watches. However, compared to any other smartwatch, it stands out and is worth the money it asks for.
I should note that at the same time I have (and had) several sports watches, so comparing it to the Fenix 7X Solar that I also have, the differences are clear: the Garmin is much stronger in terms of sports, endurance, duration, with some smartwatch features, while on the other hand, the Galaxy Ultra is the best smartwatch, with some fitness tracking capabilities. What I observe and will say from experience is that the two categories have come much closer than, for example, the first Suunto Ambit and the first Amazfit or the Galaxy. The big difference between them was and remains battery life. Especially with the Fenix Solar, it has already opened up, despite the ~4 days of endurance of the Galaxy Ultra, since the Fenix Solar can reach 30 days of normal operation.
But if you are looking for the best Android smartwatch, then you don't need to look any further, the Ultra is the best choice. With a slight compromise in duration, materials, and durability, the Watch7 is practically the same hardware at half the cost. With 1-2 good straps (with the very clever connection method), it can easily be used at any hour of the day, even in more formal settings (with a titanium bracelet).