well....nice chapter....
while Ulti is MVP, in my eyes Luffy is also MVP of this chapter....
let us talk about Ulti and Luffy together:
Ulti is "loyal" to Kaido and proclaims that he will become Pirate King. Oda subtly hinting that even Yonkos are aiming to become PK.
Luffy predicted the headbutt coming and went ahead to headbutt her (so typical of him) like he did with minks. Only difference is Ulti head butt is stronger and even fodders gave damn hype to her headbutt style of fighting
Then instantly Ulti and even Page one recognized that Luffy is a real deal (something didn't happen for long time that someone other than main villain taking Luffy seriously). Then both transformed. On the other hand, Ulti can sense someone haki which suggests that she is proficient in CoO and probably it also means her animal instincts. She is Zoan afterall.
Now that attack affected Luffy which indicates her strong CoA. And he said that he underestimated her which is a testament of her strength. He even acknowledged that he is going against emperor forces which gives an idea about how strong Yonko and their forces are again which kinda brings the much needed tension in this war. There are some competent fighters that can give trouble to commander level fighters. So it ain't gonna be cakewalk for commander level guys like Zoro/Sanji/Kidd/Dukes/Kyoshiro/Jimbei/Marco etc.
Now big question is what happened to Page one? going by Ulti words it is momentary KO but who knows. Either way it doesn't matter as he is gonna come later to fight. He is Zoan afterall.
Luffy said G4 to need to get out of grip. Luffy going to G4. While it means that Ulti is strong, it also indicates few things
1) Luffy going G4 is similar to using G4 to get out of parasite as his body expands.
2) Luffy can spam G4 without any issues and could probably have new powerup which uses adCoA.
3) Using G4 he can do a quick work against Ulti and get away from there. Many things
Either way I don't mind that he was about to go G4.
So, all in all Oda did a clean job without damaging portrayal of both the fighters. More importantly Ulti portrayal came out of syllabus.
On other things, BigMom looking perfectly fine and not like how she was when she chased SHS. This is a good sign for her and her fans. Hopefully Oda redeem her and Smoothie and show us what they can do.
Gifters are trash in 1 vs 1 but as a group of people, they are troublesome people and they can give some trouble to guys like Zoro and Kidd. It is better that way, atleast they were not completely trash.
Sanji definitely gets Mr. Prince moment. Don't jump on him yet.
Where is Jinbei and Robin?
I won't judge the powerlevel of Yamato yet but at present he is looking like a decent fighter.
Overall superb chapter 4/5
cons: Bege cover story ruined the chapter a liitle bit. Pund being alive is a bitter pill to swallow.