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Technical FAQ: Are Shimano external bottom brackets interchangable?

Dear Lennard,
I just bought my first new bike in about ten years, and naturally it has a crankset with external bearings, Shimano SLX in this case. Are these Shimano bearing sets interchangeable across component groups? That is, will LX/Ultegra/XTR/Dura-Ace/SLX all work interchangeably? I ask because I would like to have a spare set up bearings and the place I typically buy this stuff only has Ultegra bottom brackets in stock. I’m guessing they would work fine, although they also carry a Chris King bottom bracket set with adjustable and replaceable bearings that is really tempting.
-Steve

Dear Steve,
Yes, Ultegra or any other Shimano Hollowtech II external bearing set will work fine.
Lennard

Editor’s Note: This post has since been UPDATED and CORRECTED.