Everyone might not be aware of this, so I thought that I would highlight it. Ultimate Edition seemingly has r_overbrightbits set to 1 by default - which could be responsible for some visual anomalies you may been having - whitewashing textures, spotlighting surfaces and screwing up your gamma settings trying to compensate.
See these comparisons:
(https://last-outpost.net/forum/proxy.php?request=http%3A%2F%2Fi.imgur.com%2F4ZPDZvu.png&hash=5062b91c29bbae3f5a3a4917a4e1f0f46adb646a)
(https://last-outpost.net/forum/proxy.php?request=http%3A%2F%2Fi.imgur.com%2Fb6EbJvo.png&hash=368ba2e6ba916b55a99a338d0ac812454df23b62)
Worth the quick change to 0 if you're experiencing it.