The B-1B does infact have the ACES II
ejection seats. My buddy is a WSO with the 9th Bomb Squadron out of Dyess. I went and visited him and he took me out to the aircraft and showed me around. He ran me through how the rear seats eject.
1) Feet straps pull feet in toward the seat
2) Arm guards come up on sides to keep arms in
3) Hatch blows
4) Seat slides down and back to line up with exit hatch
5) Out they go
They don't have a lot of room to go out the little hatch in the B-1B. They wear leg straps the pull there legs in as I described above.
My buddy got to talk the crew of the B-1B that went down off of Diego Garcia about 1 1/2 years ago. Even with all stuff to keep them tucked in one of the guys dislocated his shoulder when his arm hit something going out. Also talked about how they were about 1.5 inches shorter than before too.
It is good they have ejection sheets but lets hope many of them never have to be used.