Personally, I use is different to the PUL position, but some what similar to the "standard ready" position. The position that I use is more like a "modified ready" position.
This is the "standard ready" position:
Note that the barrel of the pistol is nearly horizontal.
The position I use is different from the standard ready position in that I keep my pistol pointing straight down (or very nearly straight down) but I
keep my free hand wrapped around my shooting hand. This is where the "modified ready" position parts ways with the PUL position. The modified ready position is very different from the PUL position because I do not cant my pistol sideways, nor do I break the weld of my off-hand from around my shooting hand.
The PUL position requires an extra bit of maneuvering in order to twist the pistol back to the presentation position and the off hand re-wrapping around the shooting hand. The modified ready position doesn't require this extra motion.
The modified ready position is similar to this position, however my hands are held higher up...very nearly above my navel:
