Yaniv,

 You could save the layout of the grid and then load it in a new grid, such as:

this.ultraGrid1.DisplayLayout.SaveAsXml("MyLayout.xml");
this.ultraGrid2.DisplayLayout.LoadFromXml("MyLayout.xml");

You won't be able to copy the data since the grid does not maintain the data; this is the responsibility of the DataSource.  You could bind the other grid to the same DataSource, but if you don't want the same changes to be reflected in both grids, you'd have to clone the DataSource as well.

-Matt