Yes, Nero Ultra 7 == Nero Ultra 7 Enhanced. I can't remember when they did it but it reminds me of when they used the Reloaded name for the product.
My understanding is that Nero Burning ROM can handle HD-DVD and BR but Nero ShowTime cannot.
I'm purely speculating but I don't think they have to purchase a license to author unprotected HD-DVD or BR content using their burning software but they most definitely would have to purchase a license from the AACS LA to view protected content, no? They are saving money by not purchasing a license which makes me wonder if they're waiting to see which horse wins the race. Or possibly they're just taking longer to release a player that works but then again... do WinDVD and PowerDVD really work on HD content, yet?