I'm using it as an EditorComponent of an UltraTree, declaring it WithEvents, set the LimitToList=True, but ItemNotInList won't fire.
The event only fires for the control, not for the provided editor. There are ways to determine whether the editor's value corresponds to an item in the list, so you could probably do something like handle the ValidateLabelEdit event and check the e.Node.EditorResolved.Value property against the items in the ValueList to see if the value matches an item.