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Vari-X -III is the older model. I think they changed to VX-3 around 2006-2007. I'm not 100% sure but I think the Vari-X III's don't have the same lens coatings As the VX-3. And I think the Vari-X-III's don't have index matched lenses like the VX-3's.
Just in case it isn't confusing enough there is a Vari-X 111, a VX111 and now a new VX3 which has improved coatings and the Mark 4 dual spring erector assembly to go with an approximately $300 price increase.