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I can tell a difference, and definitely prefer Ultegra. If Shimano upgrades Tiagra soon like they did 105, the difference might not be so noticeable. The new 105 is pretty nice.

For what a new 105 or Ultegra bike would cost from some suppliers, I don't think upgrading a groupset makes sense. Upgrading a bike to Ultegra does not automatically make it an "Ultegra-Level" bike. Tiagra-level bikes are often spec'd with cheaper components (stems/wheelsets/seatposts, bars...). Bumping up a Tiagra-level bike to an Ultegra-level bike can nickle and dime you to death.

Tiagra is a solid, if uninspiring groupset, and as long as the components are in good shape and properly maintained it isn't a limiting factor. It's a workhorse groupset. While the more expensive groupsets are flashier and lighter and provide more gears on the rear cog, they won't make you faster- at least not enough to justify the expense of swapping over.

If it breaks, consider an upgrade. Until that, run what you brung.
 
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