SME took a wrong turn AFTER the III, in the (original) IV: the idea was to track at the lowest possible grams, less than 1, and this didn't suit MC cartridges at all. Bearing chatter was a problem with the IV, and no one wants that model anymore. But the III is back in favor, and I agree with Jeff that you shouldn't hesitate if you get a chance to get one for a decent price.
SME III Tonearm: Classic or Dinosaur?
At 14, I killed myself delivering papers and mowing lawns to buy my first Hafler amps and Magneplanar MG-1b's and I lucked into a deal on an SME III tonearm on a Kenwood KD-500 with a Grado Signature cartridge. I thought the SME was the most exotic piece of gear in the world with its fluid dampening system and pulley mounted anti skating (?) device, and with fond memories was very excited to see one for sale recently. Does anyone know how this arm might compare with tonearms of today, especially the newer SME's? Could this work reasonably well or am I just being sentimental?