Pros
Since Ulta is a beauty retailer, there are lots of industry trainings conducted by professionals in which you can learn lots of interesting and valuable information. Gratis is also given out at almost every training, generally in the form of full-size products. The schedules are also fairly flexible. If you love beauty products, it's very fun to play with the products at work and be able to test new items out/hear and see new items and collections before they hit store shelves. If you love working with the public, Ulta is a fairly busy place and you will plenty of contact with customers all day long.
Cons
It can be a very physical job, including lots of lifting, bending, stocking, etc. There are plenty of retail jobs out there that are much less rigorous for the same, or even slightly better, pay. Some of the shifts start very early (5 and 6 am) and can end late (midnight). There is also a lot of cleaning involved due to the messy nature of beauty products. A lot of red tape exists at Ulta Corp; raises and promotions seem to be tightly controlled and are not necessarily based on merit alone. For example, you might prove your strengths perfectly, but miss out on a position due to your lack of experience in terms of years.