It seems that in the 60s (at least), there was interest in computing the size of ultrapowers by countably incomplete ultrafilters. For example, given an ultrafilter $U$ on some relatively small set like $\omega_7$ or $\mathcal P(\mathbb R)$, how many distinct equivalence classes does the ultrapower of a countable model by $U$ have? Keisler proved that a certain kind of regularity property implies that the answer is the maximum possible. The failure of this property was connected with large cardinals by Magidor, Kanamori, and others.
It seems that there were still many possibilities left open by the work of these set theorists, but it also seems like there hasn't been that much written on this in recent years. Is there still interest from contemporary model theorists in being able to come up with various consistent answers for the size of ultrapowers on small cardinals? Are there possible applications?