Right, Ultimates and No Mercy NOW are the same thing…
But if what they create both Ultimate and No mercy??
A Suggestion:
Ultimates could looks like a SFIV Ultra: Uses the Full Instinct Bar to make a Extremely Powerful Atack (And the narrator could say “Ultimate” like the Old KI1 
)
No Mercy could looks like a Fatality in MK: Finish the enemy with a Fatal Final Attack in a cool style
What you think? ^^
That’s what they were in he first Killer Instinct. Ultimate was putting a no mercy into a combo, and no mercy was just a finisher when your opponent was on the verge of death. The move was generally the same thing, just depended when it was executed. All we need are the Ultimates back. Since there is no dizzy/final blow state in the current KI.
But this Ultimate could get a “Special Camera Effect” and since will use a Full Instinct Bar it will not “broken” the gameplay, right? 
Currently the only Ultimate in the game is Shadow Jago’s and it does use custom camera angles, though I don’t know what the requirements will be for pulling it off in gameplay. (Devs have promised it will be possible, though only on the Jago stage.)
I think it’s a good model for future Ultimates. A unique, character-specific finishing move. Dramatic camera angles. Nothing gory, just something that says “he’s not coming back from that.”
They don’t need to do dramatic camera angles though, they can just do them like they did in KI1. Just have them sound like extra meaty hits and make them lifeless when they fall rather than still breathing and moving.
But… What about my Suggestion? ‘-’
Ultimates like SFIV Ultra: a Extreme Powerful Attack that deal Great Damage but uses the Full Instinct Bar
No Mercy like MK Fatality: a Finisher Attack that kill the enemy like the Original No Mercy ‘-’
Ultimate like an ultimate attack? I wouldn’t want something like that in KI Honestly. KI Isn’t about 1 giant grunt super attack, it’s about building up potential combo damage then cashing it out or setting up setups for more danage. All they need is the No Mercy, except that it is executed when the opponent is in danger state while in combo. Then it is called an Ultimate combo. If they did anything beyond that, it wouldn’t be the homage to the first 2 KI games that everyone wants ultimates to be.
Then why we have Shadow Meters for? '-'
Ultimate Combo could be like a "Ultra Shadow Combo"
And since it use one Full Instinct Bar it could be used only 1/2 times in a fight ‘-’
You’re wanting an in game ultimate mechanic, which Killer Instinct never had. Shadow’s used to be faster versions of enders that did more damage and were not larger harder to break special moves. Ultimates in KI were basically a Fatality that was either in combo(ultimate) or a danger finisher(no mercy). That’s it. If they added an ultimate shadow combo or anything like that, it would be another mechanic in the game to balance and something that would be unnecessary. Unless you’re looking for something different I guess I’m either missing your point or we are not talking about a match ender.
I was suggesting that Ultimate become a Ultimate Shadow Combo that uses a Full Instinct Bar and No Mercy become the Classic No Mercy from KI1 and KI2 '-'
SF+MK=KI ‘-’
SF+MK does not = KI lol… Those 2 wanna be KI so bad but they couldn’t =)
Lol, you right
(V…coof… Trigger… coof coof)
I like how you phrase it, that is what an Ultimate should be. I still believe they can work something out for Shadow Jago to make his Ultimate work everywhere. I loved the camera work and animations, I hope they do it in that spirit for the other characters.
I would not complain if they implement your suggestion.
Though I doubt they will.
They had to change some of Hisako’s spear stabby attacks to prevent the game from being rated M. This tells me they’re actively trying to keep the game on the tame side violence-wise. Ultimates (based on the solitary one we’ve seen) appear to be short, brutal finishers that seem probably fatal, but without gore.
I think finisher variety demand would be satisfied by Ultra, Stage Ultra (for all stages), and Ultimate. More wouldn’t be bad, but dedicating resources to something that ultimately doesn’t affect playability might not be an effective use of their time.
(Personally, I think Shadow Jago’s Ultimate looks cooler than any MKX fatality or brutality. Gore wouldn’t add much to it. It’s just so NINJA!)
if IG puts no mercys in the game i would be more than happy to see orchids “balloon” no mercy 
Ultimates in KI: Yes, please
No Mercies in KI: No thank you