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I'm late getting in on this, but thought I'd offer my opinion FWIW. I've owned a few Zeiss Conquests going back to 2001 when they first came out. I've also owned several more Leupolds going back many years, including the newer VX-III. Based on my experience with both brands I think the Conquest is a better scope. The optics are better, it tracks better, it has a better reticle and it's every bit as durable. It has more of a quality feel to it if you ask me.
The only knock I have on the Conquests is the size of the ocular bell. On most rifles this won't be a problem, but on some it can be. I mounted a Conquest on a pre-'64 model 70 once and the ocular housing interfered with the bolt handle. I ended up putting a Leupold on it.
No doubt they're both good scopes, but I think the Zeiss is the better of the two.
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