You CAN in fact get the old Zeiss Diavari 1.25-4x24 as they've started to produce them once more as an alternative to the more expensive Victory Variopoint sight. (They have changed a little bit, like overall lenght I think.) It is also still with the "old" eye relief of 8cm..

I myself have both binoculars and a riflesope of Zeiss make, and they are magnificent, however.... I WOULDN'T put one on a heavy recoiling rifle because of the eye-relief: 8cm might be enough, but the day you forget about it or use an akward position you'll probably catch a blue eye..

The Leupold are a very compact and of excellent quality. What I like best about the L is the looong eye-relief. It isn't a sight for use at night, but who would do night hunting with a 416? For general use a 1.5-5x20 Leupold VXIII is pretty hard to beat! If however you are thinking of hunting lion at bait or such, I'd go for the zeiss variopoint, but they cost a premium...

You'll all in all probably be just as happy with the Leupold on your rifle!