If you compare the quality of an Elite 4200 to a Vari-X III (of which I own several of both) then yes, the Vari-X III is overpriced.
That's not to say that the Vari-X is not a good scope - because it is. It's just that the 4200 is BETTER and LESS EXPENSIVE.
Now, I hear that Leupold is coming out with a NEW and IMPROVED Vari-X III, which is supposed to have light transmission that is better than the 4200. Assuming that to be true, then the Vari-X III will be something that I would buy, but I know that I would still be paying more than I should for it.
Zachary