We study when certain properties of Banach algebras are stable under ultrapower constructions. In particular, we consider when every ultrapower of is Arens regular, and give some evidence that this is so if and only if is isomorphic to a closed subalgebra of operators on a super-reflexive Banach space. We show that such ideas are closely related to whether one can sensibly define an ultrapower of a dual Banach algebraffi We study how tensor products of ultrapowers behave, and apply this to study the question of when every ultrapower of is amenable. We provide an abstract characterization in terms of something like an approximate diagonal, and consider when every ultrapower of a C*-algebra, or a group L1-convolution algebra, is amenable.