The difference between the VX-I, VX-II and Vari-X III is simple.
The Vari-X II line was retired at the end of 2001. Leupold replaced this line of products with two different lines, the VX-I and the VX-II. The VX-I is the exact same scope as the Vari-X II except that it is only offered in Gloss Finish, Duplex Reticle and in 2-7x, 3-9x and 4-12x. Unchanged since the '70's. Built from a three piece main tube. They have the same Lifetime Unlimited warranty that Leupold is famous for. However, there are no custom shop option available such as reticle changes, target knob installation or parallax changes.
VX-II is the new scope that fills the gap between the VX-I and the Vari X-III. This model has fully coated lenses with the addition of Multi-Coat 4 on the exterior lenses only. Multicoat 4 greatly increases the amount of all available light that reaches your eye, while at the same time minimizes the reflections of the sky on the outer eyepiece. Built from a three piece main tube. Audible and tactile coin-slot 1/4-MOA “click†adjustments on every model. Ten different reticles are available and three different finishes (gloss, matte or silver on most models), and target knobs and or adjustable objective available on select models. Ten models available.
Vari-X III is the flagship scope of Leupold. This model has kept up with technological advances over the years. Multicoat 4 anti-reflective lens coating on both interior and exterior lens surfaces for superior image quality, excellent light transmission, and outstanding clarity and contrast in all conditions. The difference in lens coatings results in the Vari-X III having approximately 92% total light transmission, the VX-II having approximately 86%. Built from a one piece main tube. Audible and tactile coin-slot 1/4-MOA “click†adjustments. Thirteen available reticles. Most models are available in gloss, matte or silver. Long Range and Target models available with turret mounted side focus parallax adjustments (30mm main tube). Several models feature exclusive Leupold Illuminated Reticle Technology or range estimating feature. Twenty four models available.
So to re-cap:
All Vari-X III models have Multicoat 4 lens coating on all lenses for enhanced light transmission (about 8 to 10% more than VX I, which has lenses fully coated with magnesium fluoride and 5 to 6% more than a VX-II with magnesium fluoride coated internal lenses and Multi-Coat 4 coated external lenses).
All Vari-X III models feature 1\4 minute of angle clicks in the windage and elevation adjustments. The VX I and II models use a friction type adjustment.
A range estimating is featured is standard on selected models of the Vari-X III 1.75-6x32mm, 2.5-8x36mm, 3.5-10 and 4.5-14 scopes.