well
Endless Universe is a standalone of the two expansion packs that is : Dark Avatar & Twilight of the Arnor, it also gets the original Dread Lords campaign and is just missing the Dread lords engine if you ever wanted to play in the original dread lords rules & feature set
Ultimate Edition has it all except, currently it is not possible to update it to 2.x because it seems the original deal between distributor and stardock was that the distributor would handle support ... Stardock is trying to sort that out though
OR you could also buy the 3 games directly on impulse for download
Either way impulse is required for updates
overall I would personnaly refrain from Ultimate Edition and choose between the other two
EDIT: ho and there's nothing wrong with playing the game at a friend's house ...