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Nonstandard analysis is a way of doing calculus and analysis with infinitesimals. The historical approach of Leibniz, Euler, and others to infinitesimal calculus was gradually replaced by epsilon, delta techniques in the context of a real continuum, in the 19th century. It was not until the 1960s that Abraham Robinson developed a theory of a hyperreal continuum that allows for a development of analysis procedurally akin to that of its founders.
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Nonstandard hulls of spaces are used all the time in Banach space theory, so much so that books devote sections to the construction of ultraproducts of Banach spaces (e.g. Absolutely summing operators …