No, it's definitely based off the "standard" MU, just with a number of twists. There's nothing from the Ultimate line here. (Reed Richards is not a teenager, Galactus is not a Berserker starfleet, the Avengers aren't called the Ultimates... the list goes on and on and on...)
--Sam
"Don't be cruel. You know I can't reach my feet."
--Sam
"Don't be cruel. You know I can't reach my feet."