As Winky says, 105 is superb value for money. Set it up right and you'll never miss a shift into a bigger gear. It can occasionally miss a single gear shift down at the back, but not often and it's much less of an issue. Also, if you crash it the replacement costs are much lower.
The parts they use affect the price. For Campag I think all their shifting from Athena up is meant to be the same and you're paying for lightness. Shimano use some higher end parts on their two top-tier groups (pin bearings instead of bushings in the brakes, things like that) but again a lot of it is lightness.
The one part where an upgrade might be worthwhile is the cranks. I seem to remember reading that Ultegra are significantly stiffer than 105.