Ooo let's have a link for that download Bob! I love FM8. And you're right, the effects are great.
To the OP: not sure what you're looking for in terms of "loops." Komplete is not really a collection of loops, it's a collect of synths and effects. However there some synth presets that could be described as loops. Some of the included Kontakt content could be described as loops, for instance some of the Factory Library, and Evolve Mutations, and George Duke Soul Treasures (not sure which of these are part of Ultimate though). Also the Drummer series in Kontakt comes with thousands of MIDI loops many of which are great.
It really depends on what kind of music you're looking to create. If what you do involves little more than putting loops together, then that's not really what Komplete is all about. You will however get some top class effects and synths. Most of everything I do involves Komplete in some form. Why not go through all the demo tracks on the website? You can hear for yourself what the synths and effects sound like.
I think Ultimate is worth it over the standard package, you get a hell of a lot more, including way more drum kits, Scarbee Funk Guitarist (which I'm just starting to appreciate), George Duke Soul Treasures (which I haven't found a use for yet), Session Strings (which sounds pretty good) as well as all the vintage compressors and tons more effects. However I don't think I would have upgraded from the standard Kontakt had Native Instruments not put the upgrade on sale last summer. I don't know if that offer still stands though.
It might be worth waiting for Komplete 9, if it's not too far off (to be honest I have no idea). I'd be interested to see what new stuff they add to Ultimate, and what previous elements get upgraded. If they add the Rickenbacker bass to it then I'd upgrade like a shot.