This is probably my favorite way to play kart when everyone in the lobby actually knows how to play it. Its really fun leapfrogging with friends to build ult, and helping each other out. Especially when you perfectly sync an ult and it seems like you're in absolute sync. Its wonderful.
My only problem with this mode is ults kind of encourage sandbagging with them (pretty much just holding them till the last minute, which I don't know how you'd fix) and how it doesn't get enough updates, so people tend to forget about it.