After looking at Intel's definition the term "Utrabook" is a complete joke.
Yep, it's not really Asus' fault if Intel's definition of "Ultrabook" is rather lax. The current main requirements are just that a notebook be moderately thin and get 5 hours of battery life, with an Intel chipset.
I can see how people might expect more from an "Ultrabook" though, seeing as Intel originally debuted the category as products that would compete with other thin and light models like the Macbook Air. They didn't provide very strict requirements though, so you end up with notebooks like this carrying that name, despite not being near the same category in terms of portability or features. This system does look reasonably thin compared to most other notebooks in this price range though.