I would need to have a 1541 Ultimate 2 to compare both, as I don't also exactly know which features it has.

Here's a link to the 1541-III thread.

Features of the LCD screen:

- card initialisation information
- number of files inside the current (sub)directory
- index number and name of selected image file
- file information and details during browsing with buttons
- progressbar (usefull to see how long it takes, when loading)
- error, device, track and sector
- mode of operation (Hard-disk mode, D64-mode)