I have a Vari-X 3-9x33mm, model #38005. Basically it is the older model of the one your talking about. This line was replaced/renamed by Leupold to the Ultralight line.
I have it on a TC Encore Custom Shop 375 Win rifle barrel. I think it is great...right in line with the two VX-II 3-9x40mm. No difference other than lighter and smaller. I didn't notice any difference in the low light situations. Just a very nice scope. If your trying to save on weight and size I wouldn't hesitate on one of these.
Josh