When I was in college I bought a used Quicksilver ultralight with $ I made in the summers doing construction work. By the second summer I owned it I fitted it with a then new BRS ballistic chute, and some amphib floats off a wrecked project.
I can say that I have never had as much fun in all my years of flying as I did in that thing. I flew for miles at 10 feet off the Connecticut river with several friends who had the same model. We would land wherever we saw something interesting, would slow to a stop in the water, drop the gear and taxi up on any bar or river bank.. have lunch, talk to boaters, whatever....
I went on to get my private, went to Naval flight school, flew commercially, etc. but the most fun I ever had was the freedom I felt skimming green fields and going wherever I wanted. Of course looking back, I did some really stupid things, most out of immaturity and ignorance, but I think if you respect your ability and the conditions, ultralighting is plenty safe as well.
Anyway, I'll surely get another one some day, just as soon as I have a house out on a plain or lake somewhere with a hangar and a place to take off and land.