Andy, I can only agree that the only real advantage is the removable arms, I suppose that's great for some people, like me, good for others and pretty meaningless for you. Sometimes a jacket with no arms is an absolute blessing. I wore my Velez to "Go Ape" in Grizedale as a treat for my 50th birthday last August (I think my family were trying to tell me something). The whole go ape team wears the velez and although rolling the sleeves up works to a degree, sleeveless is much more comfortable at times. The only reason I tried the jacket was because I have a couple of friends who have the old (2002) third element and they never shut up. I also had an email today from an OM member called Al who owns & loves the old version asking about the weight of the new one as the old one is heavy at 1.2kg. I think mine is about 800g but I will check.