They only come in matte black finish. A 56mm objective is available. There is one main feature that the VX-III doesn't have (crescent shaped cut in objective bell), and two main features that are an improvement to the VX-III... Only the VX-7 and VX-L have these two. The following is cut & paste directly from Leupold.
1. Crescent shaped cut in the objective bell:
The crescent removed from the lower radius of the objective forms the Light Optimization Profile™, which gives you the low-light advantages of a large objective lens, while hugging the rifle for a lower mount and more comfortable, secure cheekweld. The 50mm VX-L® mounts as low as a 36mm riflescope, yet delivers 48.6 percent more Total Light Throughput™ (TLT). Likewise, the 56mm VX-L and VX-7L™ mounts like a 40mm, and delivers 96 percent more TLT. You’ll also appreciate the uninterrupted, circular field of view, the improved balance, and the quick, accurate aiming that comes with a low-mount cheekweld. While the objective of the VX-L and VX-7L has a crescent, your sight picture remains perfectly circular, with crisp, edge-to-edge sharpness across the entire visual field.
2. Leupold second generation waterproofing
While we still waterproof other optics with bone-dry nitrogen – technology pioneered by Leupold® – the VX-L® features our exclusive, proprietary Argon/Krypton gas blend. Its advantages are two fold: it nearly eliminates the effects of thermal shock, and the Argon/Krypton molecules are significantly larger than nitrogen molecules, reducing the diffusion of gases sealed inside your scope even more than our proven nitrogen technology already does. We pioneered riflescope waterproofing, and now with Argon/Krypton we’re exceeding the standards we set ourselves.
3. Diamond Coat on exterior lenses
This coating on the exterior lenses gives you the ultimate in abrasion resistance and light transmission. The result is a flawless sight picture over a lifetime of hard use. DiamondCoat™ has made a difference in battle; now it can make a difference where you hunt.
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