I had the opportunity to compare a Limited Edition (China) with an Elite 4200 (Japan), both 3-9x40. The glass was about a wash, the Chinese version slightly longer and slightly heavier. It had parallax adjustment and I thought it was about as good as the 4200.
I'm wondering if the Limited Edition was a transitional series between the 3200/4200 and 3500/4500 series, or were the new scopes designed from the ground up?