John,
The Paragon II has FM built-in.
If you are considering Computer Control, the II or the Giehl Chip Set
are required.
If you look in the TenTec Contesting archives, you will see a few more
differences.
Whether they are important, only you can determine. See if the phase
noise and
birdies were not improved on the II vs. the original.
I just traded mine for an Orion I, but it was a difficult call. I really
liked the
simplicity of the Paragon II with a button for each function that you would
want to do regularly and an augmented function button to do the rest,
plus it
could do 60 meters whereas the OMNI VI+ could not..
Ed, N5EI
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