I am seriously considering trading my Z Fold 3 for an S22 Ultra.
I think the S22 Ultra is the more practical phone overall, but I would really miss reading on the inner screen when unfolded and especially the multitasking options.
Z fold 3 Pros
1) Much easier to read on when unfolded, especially on web sites not formatted for mobile
2) Multitasking!
3) Water resistance
4) S-Pen support for inner (main / foldable) screen
Z-Fold 3 Cons
1) Price
2) No dust resistance - can't take to the beach, have to keep pocket lint out of it. It goes in a zipper pouch whenever pocketed or taken outdoors.
3) No S-Pen silo - S-Pen requires a case and all current S-Pen cases have drawbacks. Samsung case is bulky and S-Pen on spine of hinge prevents phone from lying flat when unfolded. Pen is also harder to get to when phone is unfolded. Spigen pen case is better for pen access but requires stickies to adhere to the phone and doesn't protect the hinge. Other cases with slot for S-Pen on the back interfere with wireless charging.
4) S-Pen does not work on outer screen, which is where I would make screen off notes if I could. If phone is unfolded, chances are screen is on. If screen is off, chances are phone is folded. That's when I want to make screen off notes.
5) No Bluetooth functionality with S-Pen Fold edition, which is the only one that fits any of the cases.
6) Narrow outer screen is pain to type on
7) Inferior camera hardware
S22 Ultra pros (based on leaked specs)
1) S-Pen silo
2) Price relative to Z Fold 3
3) S-Pen Bluetooth functionality
4) Dust and water resistance
5) Screen off memo functionality available for all use cases
6) Anticipate wider selection of accessories
7) Best camera hardware
S22 Ultra cons
1) Multitasking not as good, multi-app workflows more kludgy
2) Will really miss that larger screen for reading
Hope this helps