I've got a pile of VX3s and earlier variants, and probably less than a dozen 11 series scopes. The VX11s are a lot of scope for the money, and for the "set it and forget it" hunter the money saveings may be worth while.
On the other hand, the optical difference is definitely there, and coin slotted adjustments seem pretty bush league in this day and age. The adjustments on the new VX 3s are more positive, the VX11s tend to be a little lazy. Time spent dialling turrets leaves me little patience for adjustments that get there eventually.
After a while, a guy starts questioning whether the few bucks saved was really worth it. For me, now I'd just rather spend the extra little money and be done with it.