I popped out today because ULTA sent an e-mail for 500 bonus points for "your first purchase of 2011" which equals $4 off for certain regions (though I tend to save my points as the more you earn the more they are worth till they expire in June).
Anyway, not only is their potential for $4 off your purchase, ULTA's recent ad had a $3.50 off $10 purchase and they are currently holding their holiday clearance.
I spotted quite a few things on sale. Those that I remembered will go below:
99 cents Piggy Polish (select colors) - might not be correct price when you check out, they happily adjusted mine
$39 Smashbox Wish For The Perfect Palette (reg. $59) again price marked not reflecting upon checkout but as long the sticker is there, they'll give you the correct price.
All the OPI Burlesque & 2010 Holiday polishes were $4.99
Various sets (I saw Ahava, a few of the Philosophy holiday sets and several haircare sets) most were 30%-50%
All Bourjois items were $4.99 - looks like ULTA is discontinuing the line which I'm sad about as it's the last place to buy the line in the US.
As is the case with most of ULTA's clearance sales, you will find the majority of the clearance under big metal kiosk type things with large orange and pink signs. My guess is that as the weeks go by, the clearance price will reduce but if there's something you desperately want, you should pick it up before they start seriously advertising their sale.