If have this markup code in my PageMaster.master:

<asp:LoginView ID="LoginViewMenu" runat="server">
<LoggedInTemplate>
  <ignav:UltraWebMenu ID="AppMenu" runat="server" ImageDirectory="~/ig_res/" JavaScriptFilename="" JavaScriptFileNameCommon="" LeafItemImageUrl="" ParentItemImageUrl="" StyleSetName="">
  <ignav:Items>
    <ignav:Item Text="Home"></ignav:Item>
    <ignav:Item Text="SBD"></ignav:Item>
  </ignav:Items>
  <ignav:Levels>
    <ignav:level index="0"></ignav:level>
  </ignav:Levels>
</ignav:UltraWebMenu>
</LoggedInTemplate>

<AnonymousTemplate>
<ignav:UltraWebMenu ID="AppMenu" runat="server" ImageDirectory="~/ig_res/" JavaScriptFilename="" JavaScriptFileNameCommon="" LeafItemImageUrl="" ParentItemImageUrl="" StyleSetName="">
  <ignav:Items>
    <ignav:Item Text="Home"></ignav:Item>
    <ignav:Item Text="Login"></ignav:Item>
  <ignav:Levels>
    <ignav:level index="0"></ignav:level>
  </ignav:Levels>
</ignav:Items>
</ignav:UltraWebMenu>
</AnonymousTemplate>

</asp:LoginView>

The possbily missing other UltraWebMenu childs possibly required are not there, because I cannot edit the whole thing in the designer (VS 2008, SP1). I added another menu to the content placeholder section, same issue: it gets not rendered and the .designer.cs variable UltraWebMenu1 is null.

Update: It seems to be "only" a "menu cannot be designed using VS designer if it is placed at a .master page" issue.