I gave this question some thought and the ouside research is not quite what oldtimers suggest. Of course my tastes are different, too. For example, I do not like Mini-Max, Aerodrome, and such. Also, I do not want to assemble a kit (ok, I know, a strange demand for a member of EAA, but I live in a rental etc. etc.)

The most important thing to decide is really if you want to buy used or new and how much older do you want to go. In particular, are you ok with flying a 2-axis airplane.

If you buy "used", you can buy lots of excellent airplanes, especially those registered E-AB. That means Legal Eagle that Mr. 1600 suggested previously. Another great used option is a small Kolb.

Buying used has other advantages. First, E-ABs often have 4-stroke engines and you can ferry them, within reason. Failing that, trailer them with just wings removed. New ultralights always come in a crate, even "ready to fly" ones. You must have a hangar beforehand to deal with unboxing and assembly.

If you want to buy new, then about all new ultralghts that fit my tastes cost the same: a shade above $20,000 with inflation. Amazing, isn't it? So, here's my list for those with $22k burning a hole in their pocket and wanting the freedom of an ultralight.

Belite is the leader, no doubt about it. By adding options you can buy up a really capable machine for $50k, but Jim can sell you a stripper taildragger for $20k+ with a chute. Check his price list carefuly. Of course you get one of those awful 28hp Hirth engines for the price, but hey, it's cheap. Jim is reliable and trustworthy but the lead time is a few months, be ready not to get a buyer's remorse.

Vally Eng. BYF is an extremely intriguing design that homebuilders hate, hate, hate. I love that thing. Gene is close to retirement, so buy yours now. The big advantage of BYF is that it comes with a 4-stroke engine. Ask them to keep it de-rated and it will serve you as long as 1/2 WV in Legal Eagle. The disadvantage is that you need a long trailer, which is half as expensive as airplane! But the airplane is cheap. It's under $20k with chute.

Aerolite 103 is kind of like much improved Quick Sprint, but actually it is an independent design that was in production at various factories for a while. Last year U-Fly-It bought full rights. This is about the only problem, since the company is new, we need to know if they do a good job.

Following the leaders are:

* Earthstar Gull: that thing is EXPENSIVE and I'm not kidding. It's an ultralight with a real wing that is fully cross-country capable.

* Challenger: iconic design that outgrew ultralitght roots. Quad City is trying to bring it back to Part 103. I'm pretty sure they had dealer assembly option for that.

* CGS Hawk Ultra: the company that just won't give up and an excellent ultralight design. They survived the transition away from Denny (not privy to details here though). Like Kolb and Challenger they have a bit of a weight problem that they are addressing.

* M-Squared Breeze XL

I also hear periodically about dealer assembly options for Kolb and Qucksilver Sprint, which would be awesome if it pan out, but never get reliable and durable leads.