Can someone explain how the Ultimate Team Ability works? I read it on Wizkids and don't understand it. Please help me out on this matter as I hope to be playing the Ultimate Thor soon.

Basically, it allows you to ignore hindering terrain for attacking and movement. The movement part doesn't effect Thor, but it does effect the non-flying Ultimates. The attacking part just means that when you attack someone, they do not get the +1 modifier for being in/behind hindering terrain and stealth does not cause the line of fire to be blocked to them.

it's like the superman TA, exactly like it in fact.