MachIVshooter: My apologies for not being more clear. Your statement that the VX designation "basically brought them all up a tier" is true to a degree, but is not quite that simple. My experience with Leupold glass is in the Vari-X III models only. And I have found several opportunities to purchase new-old stock Vari-X III's priced very competitively with the VX-II.
The implication is that the newer VX-II is the equivalent of the older Vari-X III and I would suggest that it is not. The VX-II includes Multicoat 4 coatings on the exterior lenses only (using magnesium flouride on all others), while the Vari-X III scope is fully multi-coated with Multicoat 4. Furthermore, my experience has been that, mechanically the power ring and focus are smoother on the Vari-X III examples I've owned when compared to the VX-II's I've examined.
Regarding the VX-III; I've seen several accounts of problems with these scopes, which I believe resulted in Leupold's introduction of the VX3. By most accounts this is a superior scope to the VX-III with internal design changes. Admittedly, I have no firsthand experience with them.
In summary, I believe that, contrary to the common belief that everything got *bumped up a tier*, a Vari-X III is still superior to a VX-II and can be had for a similar price if one looks around. Admittedly these deals are probably not as forthcoming as they used to be. The VX3 is substantially more expensive than either (and more than the Zeiss Conquest and Nikon Monarch as well). As with all optic buying decisions, the individual will have to determine to their own eye whether the optical quality warrants the added expense.
