Whats the difference in the two?

2004

* Leupold replaces the Vari-X III with the VX-III, featuring the exclusive Index Matched Lens System® and the Ballistics Aiming System™, which includes the Boone and Crockett™ Big Game reticle, the first optical product ever to bear the Boone and Crockett Club© name. Leupold also introduces new Rifleman® riflescopes and Rifleman mounts.

1998

* Leupold introduces the Vari-X® III Long Range scopes – featuring side focus parallax adjustment and 30mm maintubes specially designed for long-range shooting. Tom Fruechtel replaces Werner Wildauer as president of Leupold.

thank ya thank ya

http://www.leupold.com/corporate/resources/faqs/#questionFive

VX-III
The VX-III line was new for 2004, and uses ¼-MOA, low-profile, finger-adjustable adjustments and a fast-focus eyepiece. VX-III’s are fully multicoated and Index Matched to ensure that each lens has the best possible coating, producing total light transmission values higher than ever seen before.

Vari-X III
The Vari-X III line (discontinued for 2004 with introduction of VX-III) has seen little change and is still optically the same as those produced in the 90s. Vari-X III’s utilize ¼-MOA click adjustments and are fully multicoated with Multicoat 4.

VX-II
The VX-II line (2003 and older) uses a combination of Vari-X III and Vari-X II (discontinued) technology. VX-II’s also utilize ¼-MOA click adjustments, but the lens coatings are unique. The external lenses are coated with Multicoat 4 and the internal lenses are coated with magnesium fluoride.

Beginning in 2004, the VX-II line is fully multicoated and will perform comparably to the discontinued Vari-X III line.