In Ayano's latest blog, the Capcom representative confirmed some of the rumored gameplay mechanic additions set to be added to Ultra Street Fighter 4. Both the Red Focus and a player's ability to select both Ultras in a match at the cost of reduced damage are indeed being added to the update.
Below is the translation:
You can choose Ultra Combo Double, which allows you to use both Ultra Combo 1 and Ultra Combo 2! The damage becomes a little lower, but it gives you a lot more variety in your offensive and defensive options!"
"Multiple hit-absorption focus attack becomes possible!
A "Red Focus Attack" which allows you to absorb multiple hitls has been added! It costs super guage to use, but the damage and ultra gauge gain become higher than from a normal focus attack! Of course, you can dash cancel it as well."
