Most existing Apple Watches will work with the new 49mm Apple Watch Ultra. The larger 42, 44, and 45mm cases are compatible with the device.
It's not compatible with some of the smaller bands that are used for the 38, 40, and 41mm Apple Watches. The site for the Apple watch.
You can match most bands with any Apple Watch Series 3 or newer case of the same size. The 41mm bands work with 38mm and 40mm cases; the 45mm bands work with 42mm, 44mm and 49mm cases.
The Solo Loop and Braided Solo Loop bands are only compatible with Apple Watch SE and Apple Watch Series 4 or newer. The 40mm and 41mm cases work with band sizes 1-9; the 44mm and 45mm cases works with band sizes 1-12.
Sport bands purchased for the 41mm Apple Watch will not work with the 49mm Apple Watch Ultra, but bands designed for the larger Apple Watch models are compatible. If you use a band for the 42, 44, or 45mm Apple Watches, it should work with the Apple Watch Ultra. The larger Apple Watch will work with all Braided and solo loops.
The Trail loop, Alpine loop, and Ocean band can be used with 44mm and 45mm Apple Watches, but not 40mm and 41mm models.