This more thorough review of the "Blue Max" appeared in 2003, eight monhs after the launch of the watch:
Ulysse Nardin is a manufacturer that is not afraid of names. Unless some other brands, that hide their products behind technical abbreviations and reference codes, UN demonstrates, that the phantasy, that is invested into the development of their watches, does not stop at their designations. Who was not astonished by the "Freak" or the "Genghis Khan", and certainly "San Marco" and "Ludovico" are more pleasing acoustic experiences than "4381-AA50" would be. However, there is a certain danger, that someone could actually try to discover the reason why a certain name was chosen.
So what stands behind "Blue Max"? There are several possible reasons, but being a historian, this one is the first coming to my mind:
Until 1918 and the end of the German Kaiserreich, the highest military decoration was the famous "Pour le mérite", dubbed "Blue Max", due to its blue colour. After he had shot down sixteen enemy planes, Manfred Freiherr von Richthofen, got awarded the "Pour le mérite"; as the "Red Baron" he eventually became the most famous of all "Blue Max" wearers. In 1918, he was shot down himself and died, which again proves that being a war hero is a very dangerous business.
The other, and maybe even more apparent reason for the unique name, is that UN made a large effort in order to present as much as possible of the watch in the colour blue. Actually, a MAXimum of the watch is BLUE. Got it?
The first explanation is the more heroic one, however, and who of us doesn't dream of being a hero, if not necessarily in a war? Luckily today, you do not need to risk your life in a war, shooting down planes, to receive a "Blue Max"; a visit to your Ulysse Nardin dealer will do, and you will return with a far more decorative piece of art, which additionally fulfils the practical aspect of showing time as well.
Case, crystal and crown:
The "Blue Max" uses case, crystal and crown of the Marine Diver, therefore, everything I said about this in my Marine Diver experience review, applies to the "Blue Max", too.

Dial and hands:
At the very first sight, it is the dial that makes the "Blue Max" a very special watch: Galvanized with a blue, that at the same time appears deep as well as flashy, it is very conspicious. One must see in reality the way how the metallic shimmer is constantly changing, no picture whatever is able to reproduce this fascinating optical effect. The unique structure of the dial has caused it sometimes respectlessly dubbed "gulf ball", especially in the silver-white faced version. However, in the case of the "Blue Max", this structure further adds to the breathtaking effect of ever-changing impressions.
The large luminous markers are different from their counterparts of the unlimited Marine Diver watches: On the "Blue Max's" dial, they shine in a very bright white, contrasting the blue of the dial itself. The same white luminous mass is present on the hands, which otherwise are blued. This makes the structure of thands virtually disappear above the blue dial, which has led to some critical comments. It is a fact that the hands of the unlimited black- and white-faced versions are easier to read at a quick glance. However, it might have been a wanted effect to let the white parts of the hands float seemingly weightless above the dial. 
Movement:
Upon turning the watch, the most fascinating aspect of the "Blue Max" becomes evident: Through a sapphire window in the back a completely blue movement is shining! The Marine Diver's ETA 2892-A2 (which is modified by Ulysse Nardin and receives the peculiar small second/power reserve complication) is coated with a blue titanium alloy in a complicated electrolytic process.
The coating's uniform thickness is one micron (1/1000 mm), which made it necessary to recalculate the dimensions of all the movement's main parts, since the added thickness had to be taken into account for the movement's functionality. At least his is what Ulysse Nardin claims. One micron is so thin that I found it hard to believe at first, that this coating might affect the movement's construction already. However, the tolerances achieved by modern movement production methods are so tight, that even a coating of only a micron might already have negative effects on the movement's performance, if it had not taken into account from the very beginning. Therefore, Ulysse Nardin's information sounds quite logical.
Of course, the "Blue Max" movement meets the chronometer specifications of the Swiss COSC, and is delivered with the appropriate certificate.
Strap:
Technically far more difficult to realize than the blueing of the dial was the deep blue colour of the rubber strap. Its pattern repeats that of the dial and adds a very interesting design element. Proof of the meticulous care for even small details are the screws, which attach the titanium elements to the rubber: They are blued, as are the two pushbuttons which release the folding clasp. On the standard models, they are polished.
Conclusion:
The limitation of the "Blue Max" is as follows: 350 pieces are made in 18k pink gold, 999 pieces in stainless steel. While these numbers are not very high, they are nonetheless higher than those of the famous "Pour le mérite" ever awarded. So who needs war, if he can get such an impressive decoration without risking one's life? Somewhen in the future, historians might even consider Ulysse Nardin's "Blue Max" as an important effort to ensure peace on earth, who knows?
Marcus