I have a different take on this: Ulta is barely on my radar. I go there a few times a month to see if there's anything there I really want and to swatch things that I can't get in my physical Sephora, but I can't remember the last time I bought anything there. I don't know whether my stores are on the gift or discount program, and I'm not really sure I care. I know they used to be on the tiered rewards system, and they never had anything I wanted (ballerina pink nail polish? The only ballerina pink *anything* I will wear is eyeshadow, and even then, it must be shimmery). If I want a drugstore item, I go to Fred Meyer. Freddy's is cheaper (right now, they have a buy-one-get-one-50%-off deal on pretty much *everything*), and they're much more convenient (it's my primary grocery store, so I'm in there at least once a week). And I tend to gravitate towards LE stuff when it comes to lower-end brands, and Ulta just doesn't have the same variety of those as Fred Meyer does. I get my higher-end items at Sephora, and I'm a points hoarder because they have had some fantastic perks.
This brings me to another issue: As a points hoarder, I don't like it when things expire. I get a better return on dollars with Birchbox than I do at Ulta, and I do tend to sit on my points over there, but they *do* expire. But I basically get 10% back in dollars spent, plus I get all of those points for feedback on my monthly subscription boxes, and then they will have promotions for more points, a discount, or a GWP. I might not get all of the *stuff* that I can get at Ulta with their GWPs, but I'm a picky picky princess, and Ulta's GWPs tend to have not one single thing I'm interested in trying, and I already have so much *stuff* that I have no business buying *anything* to begin with, so I don't feel a tinge of regret when I pass on the Ulta GWPs. Sephora's GWP bags *do* tend to have at least one thing I want to try, so I go ahead and get those because I know my coworkers are beauty product locusts who will take any leftovers I don't want, but I want to get at least *one* sample out of a batch for *me*.
Short version: Sephora, Birchbox, and Fred Meyer for me. There may be some things I will end up getting at Ulta simply because none of my standard stores will have it (I'm currently lusting over NYX cream blushes, primarily in stick form, and Ulta seems to be the only store in town that carries them, but I'm dragging my feet on buying them for a variety of reasons), but those are few and far between.