The Buckmaster is in the same class as the 3200, and the Monarch is in the same class as the 4200.
The primary difference between both models is that the Elites (both the 3200 and 4200) have rainguard - which works and I like a lot.
Other than that, I simply have a preference for the Elites. The only drawback is that they are generally a little bit heavier - if that matters to you.
Zachary