I've seen ultrapowers of $\mathbb{Z}$ and $\mathbb{R}$ discussed in this question, with the $\mathbb{R}$ case being described as the more straightforward case. I'm wondering what happens when you iterate the ultrapower construction (in this case just apply it twice).
Let $\mathfrak{U}$ and $\mathfrak{V}$ be non-principal ultrafilters of $\mathbb{N}$.
We get the hyperreal numbers if we take the ultrapower of $\mathbb{R}$ one time:
$$ \prod_\mathfrak{U} \mathbb{R} \;\; \text{is the ordered field of hyperreal numbers} $$
We can think of each element as a sequence of reals $\mathbb{N} \to \mathbb{R}$ with $f \le g$ holding of two sequences $f, g$ precisely when $\{ i : f(i) \le g(i) \} \in \mathfrak{U}$ and $+, *, \bigcirc^{-1}$ being defined componentwise. I don't have a strong intuition for how hyperreals behave, but that definition at least makes sense.
I'm curious what happens if we do this twice:
$$ \prod_\mathfrak{V} \prod_\mathfrak{U} \mathbb{R} \;\; \text{is some ordered field}$$
We can think of these things being doubly indexed sequences $\mathbb{N} \times \mathbb{N} \to \mathbb{R}$.
$ f \le_j g $ holds if and only if $\{ f(j, i) \le g(j, i) : i \in \mathfrak{U} \} $.
And $f \le g$ holds if and only if $\{ f \le_j g : j \in \mathfrak{V} \}$.
The behavior of $\le$ is completely determined by the indices where it holds.
Using ultrafilters as quantifiers like this but without the explicit $\forall$, we get the following.
$$ f \le g \;\; \text{if and only if} \;\; [\mathfrak{V} j][\mathfrak{U} i](f(j, i) \le g(j, i)) $$
I'm not sure how to prove it, but I don't think this is equivalent to the following for some ultrafilter $\mathfrak{W}$ on $\mathbb{N} \times \mathbb{N}$.
$$ f \le g \;\; \text{perhaps if and only if} \;\; [\mathfrak{W}\vec{p}](f(\vec{p}) \le g(\vec{p})) $$
We know by Łoś's Theorem that this thing is at least elementarily equivalent to our starting object $\mathbb{R}$ as an ordered field, or a real-closed field, or a ring or whatever.
Beyond that though I have no intuitions about its structure.