I have the VX-III 6.5-20X40 with the Varmint reticle in it. I like it very much, but I haven't had time to test it's ability out very far (200yrds so far).
It seems like a fairly neat system. Mine is set up for pdog type stuff and I shoot 40gr bullets out of a 1:12 twist barrel. When zeroed at 200yrds, the bullet should follow the ladder down the reticle much like the BDC in an ACOG. I noticed that when zeroed at 200yrds, it's also zeroed at 100 yrds, about an inch high at 150, and dead on at 50yrd if you use the second step from the top on the ladder.
It's supposed to work with a large set of bullet weights and velocities, and has a chart included in the instructions on how to set your scope up.. Pretty simple, really.
The rest of the scope is the usual loopy... very well built and a generally nice optic.