Well, it depends on how you play Hugo. Personally, I play him by assaulting my opponent with his primary pokes (low forward and standing strong) in an attempt to pressure them and push them into the corner. Short back breaker when they jump, etc. Usually, once people eat a few low forwards/standing strongs/back breakers, they start to turtle up a bit. “He can’t do any damage with those 3 moves if I just block low!” they say. That’s when the meat squasher (360+K) comes into play. Keep in mind: 9 times out of 9, you’re going to be using the short kick version of the grab. It actually starts up pretty quickly in relation to Hugo’s other moves, and he runs pretty fast. The grab itself has decent reach and good priority, so even if you don’t catch someone simply blocking, you may often catch them as they try to poke a little too late. This is especially true against characters that have popular pokes that aren’t really all that fast (Oro’s standing RH, Necro’s standing strong, etc.) that people tend to stick out in lots of situations by default. The meat squasher also has the bonus advantage of always putting your opponent in the corner, no matter where you grabbed them. Yes, people will start to react to the running grab if you use it a lot, but if you get them to the point of blocking all your pokes, not jumping (for fear of back breaker/Megaton (if you use it)), and watching specifically for your short meat squasher, you have a good bet at walking up even closer and going straight for jab SPD or - my favorite - standing Gigas. =)
Of course, you could always try just throwing out random meat squashers, jumping around with down+fierce, trying to SPD 100% of the time when you get up next to someone, and jumping in from full screen and activating Hammer Mountain when you land. I don’t recommend this style, however.
From all the info I’ve been able to acquire, there is no difference in start-up speed, recovery speed, range, or damage between each of the 3 different versions of ultra throw. It seems the only difference really is how high they bounce. Weird.
Ultra throw, standing fierce is a great stun combo. However, it’s usually better to just go for the SPD, since it does noticeably better damage and the stun isn’t half bad either.