I've never owned a 3.5-21, but everyone who has used both seems to think the LRHS glass is noticeably better than anything else Bushnell offers. For my input I will say the LRHS is just below the best tier of glass available; Zeiss, S&B, Premier, et al; however, I do not think the difference will amount to any practical disadvantage. I think the Bushnell optimizes the performance per dollar equation for the longer range hunter, and nothing else is close.
