Definitely cheaper to machine than 3D print, the time and energy required to sinter even plastics is ridiculous. I remember we printed up some test samples for our materials lab, and supposedly each knife scale sized strip cost the school $200 to print, and that was with nylon. It may have come down a bit, though.
For the people who have Ultem knives, what does the material feel like? Does it seem more premium than FRN / FRCP / Grivory / Zytel etc? I don't really see the reason for the high markup on these. I do wish more companies would make OTFs with Ultem covers, though, that's cool to see.