I've not put an image up as its sf and Dem can be a tad conservative there, but I'm guessing its basically a preposterous dragon/man in a suit doing extremely silly things to a papier mashe town (how does one spell papiermache anyway?)
That's a laserdisc of some 1966 episodes. But ULTRAMAN is still being produced today, looking a great deal slicker.
ULTRAMAN started as a TV offshoot from GODZILLA, produced by Eiji Tsuburaya who shot the special effects for GODZILLA movies. The Japanese TV series of the first Ultraman was re-dubbed and became a huge hit in America, indeed it was released on DVD there recently, one of the few non-anime TV series to get released in the west.
40 years later there have been over a dozen Ultraman sequel series (some with 52 episodes!) and recently movie spin-offs have been doing well in the cinemas in Japan.
Yes, it's all men in suits, but the special effects and modelwork in recent series are far superior to, say, the new Doctor Who, and there are dozens more effects in each half hour episode.