It's my opinion that the Bushnell/B&L 3200 series scopes are one of the best bargains available. They compare optically to the Leupold Vari-XII; however, they're a good deal cheaper. The Bushnell/B&L 4200 series scopes compare to the Leupold Vari-XIII line, but again, they're cheaper. As DAA stated, the Bushnell/B&L scopes are a bit heavier and longer than the comporable Leupold's, but not enough to really matter. I love Leupold's, but I only buy them used. Leupold is often praised for their warranty, but I believe Bushnell stands behind their products as well. I like the finger-tip adjustable turrets, and I've also been impressed with the rainguard coating on the Bushnell Elite's. As an added bonus, Bushnell is offering a "free" ($10.00 shipping) rain jacket with the purchase of their scopes with Rainguard between now and the end of the year. I just received a jacket last week, and I must say it's better quality than I really expected.
I own two 3200's ( a 3x9x40 on a Ruger 77/17 and a 5-15x40 on a Browning A-Bolt .300 Win Mag) and one 4200 (2.5-10x40 on a Remington BDL .17 Remington) all have performed flawlessly to this point, I highly recommend them.