Dennis,
I carefully compared the 8x32 LX to a 8x42 Promaster ED and a 10x42 EDG.
The LX was dimmer and not as high resolution (as you would expect from a middie vs. full sized bin), and it had more CA.
However, I didn't find that the Promaster or EDG beat the LX by a "big margin". In terms of contrast and color depth, the older LX held up very well against against the newer EDs.
The Promaster had a bit of an edge in resolution, just as the 8x42 LX does over the 8x32 LX and the 8.5xEL has over the 8x32 EL.
The 10x42, of course, out resolved them both.
However, I think if Nikon added an ED element and dielectric coatings to the LX, it would be on par with the newer EDs except slightly behind in resolution against the full sized bins.
The Nikon LX's superb lead glass and coatings were advanced for their time.
I've compared the LX (midsized and full sized) with p-coated roofs (not alphas) and porros, including the SE and EII, that were made around the same time, and the LX was noticeably ahead in contrast and color depth.
And no alpha or alpha clone has yet to beat the LX's smooth and precise focuser (if you get a good sample!).
For birders on a budget, a "pre-owned" 8x32 LX presents a very good value since the Chinese ED clones do not make an 8x32 (yet), and the Leica, Zeiss, Swaro EL, and Nikon EDG midsized bins are astronomically priced.
The 8x32 LX's "fatal flaw" for me was its lack of shallow thumb indents like the EDG. I couldn't hold it steady so I traded it for a newer 8x32 SE with upgraded coatings.
The LX still has more contrast and better color depth than the SE, and the SE's focuser is sluggish by comparison and not as comfortable since the wheel is smaller and thinner, but with the rubber dewshields I added to the barrels, the views are very steady through the SE.
For me, ergonomics triumphed over image quality (not that the SE is shabby by any means! but not quite on par with the LX).
So yes, I agree, the 8x32 LX is behind the latest and greatest alphas and alpha clones, but in a few years, those alphas and alpha clones will be behind whatever comes next.
It's a continuing battle to overcome the light leaks of SP prisms (except for Zeiss) and the problems created by fast f/4 or less optical systems of binoculars.
However, I only see incremental improvements on the horizon.
The Swaro EL Swarovision already has every innovation to come down the pike: open bridge design (led with that one), phase coated/dielectric coated prisms, HD glass, Eco-Glass, water repellent coatings, good close focus (5'), faster focuser, multiple layers of AR coatings, magnesium alloy body, on-the-focuser diopter adjustment (not sure if that was a step ahead, myself), long ER, twist up eyecups, WP/FP, and field flattener lenses (which surprisingly are not mentioned in the Eagle Optics ad), and a limited lifetime warranty.
So what do you add to that long list of attributes that would make the next gen EL substantially better??? A GPS tracking system to follow migrating birds?
The only thing I can think of is to make the warranty transferable (so I can buy one on the used market
and No Fault, so even if you scratch the lenses or run the bins over with your Jeep Wrangler Safari Edition, Swaro will repair or replace your ELs at no cost to you, so that you know you will never again have to pay $2,500 for a pair of binoculars in your life!
Which, by the way, is only $1,100 less than I paid for my Nissan 240 Z sports car in 1973.