No, it is not a monorail. Monorails use large vehicles, traveling on heavy guideways, carrying large groups of people along pre-determined routes at pre-scheduled times, with many stops along the way. Ultra uses small vehicles, traveling on lightweight guideways, carrying individuals or small groups along user-determined routes, on demand and with no intermediate stops.
"RT @tekgrrl: We should get rid of cars and just have a network of Heathrow Terminal 5 style pods"
via twitter