Biggest obvious difference when you pick them up is the spool counterweight, which is now on the outside.
I rather liked the old interior counterweight design - as the new ones will tend to catch line especially if you are using braid. Small thing, though.
I bought a used VS 200 at River's End and sent it in to VS for annual service and upgrade (a few parts here and there). Coming back from the factory, it definitely felt "tighter" than when I sent it in. And I used it for the first time last weekend and it held up under some pretty punishing situations (dunk, sand, bang on rocks, fish after fish after fish).
Now, you might be thinking, I could get a used VS and have it upgraded and save some $$$ vs. getting a new one. Problem is, you don't know which parts have to be upgraded, so you could theoretically end up spending more on the retrofit than a new reel. Tough call.
I keep blabbing about these reel, but that's b/c I luv 'em.
Krispy - check yer pm's.
-Ben