Yes, Ulta Edit is powerful (and cool) and I was surpised to find that no one has yet created a Smarty template *.tpl syntax file for it. Well at least I cant find one. I use the PHP4 checker all the time. I would image it would be a combination of the php/html checker and a bit more.
(For those to yet discover UltraEdit visit
www.ultraedit.com)