  We present an ISO SWS and ISOPHOT-S, mid-infrared spectroscopic survey of 15
ultra-luminous IRAS galaxies. We combine the survey results with a detailed
case study, based on near-IR and mm imaging spectroscopy, of one of the sample
galaxies (UGC 5101). We compare the near- and mid-IR characteristics of these
ultra-luminous galaxies to ISO and literature data of thirty starburst and
active galactic nuclei (AGN), template galaxies. We find that
  1) 70-80% of the ultra-luminous IRAS galaxies in our sample are predominantly
powered by recently formed massive stars. 20-30% are powered by a central AGN.
These conclusions are based on a new infrared 'diagnostic diagram' involving
the ratio of high to low excitation mid-IR emission lines on the one hand, and
on the strength of the 7.7um PAH feature on the other hand.
  2) at least half of the sources probably have simultaneously an active
nucleus and starburst activity in a 1-2 kpc diameter circum-nuclear disk/ring.
  3) the mid-infrared emitting regions are highly obscured. After correction
for these extinctions, we estimate that the star forming regions in ULIRGs have
ages between 10^7 and 10^8 years, similar to but somewhat larger than those
found in lower luminosity starburst galaxies.
  4) in the sample we have studied there is no obvious trend for the AGN
component to dominate in the most compact, and thus most advanced mergers.
Instead, at any given time during the merger evolution, the time dependent
compression of the circum-nuclear interstellar gas, the accretion rate onto the
central black hole and the associated radiation efficiency may determine
whether star formation or AGN activity dominates the luminosity of the system.
