From one Ole Miss Rebel to another, I'd have to say the VX-II 3-9x40 is a much better buy than the VX-III version. I've got a VX-II 3-9x40 on my pre-'64 Model 70 .30-06 and really like it. I just don't think you get much if anything more with the VX-III.
Now if you want a scope that's better than both and comparable to the VX-III in price, then take a look at the Zeiss Conquest. I've got a few of these and in my opinion they're a better scope than the VX-III, a scope I've owned and have experience with also. I think the Zeiss Conquest 3-9x40 is about as good as it gets in the mid-level price range. I've had one mounted on a .300 Weatherby Sako for about 5 years and it has endured a lot of rough handling and upwards of 900 rounds of ammo and hasn't given me one bit of trouble. I'm continually impressed by its sharp optical performance. I've got another 3-9x40 Conquest mounted on a 7mm Rem Mag Sako and it too is an excellent, excellent scope.
Hope this was of some assistance.
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