Leupold somewhat confuses the issue. They say on their site 1 MOA = 1" at 100 yards. So they say their scopes are 1/4 MOA, but that's technically inaccurate because they're not using real MOA. So they're actually 1/4 IPHY, but they call it 1/4 MOA.
I couldn't agree more that Leupold confuses their lineup. They dilute their own market with nearly infinite versions of the same lineup! Even they can no longer keep track of what's what when..
But you cannot assume they are IPHY due to descriptive generalizations.. Nightforce also mixes inches with MOA, very similar to described: "Any size target can be easily ranged using a simple formula: (target size in inches ÷ M.O.A. x 100 = range in yards)" From their reticle brochure(several places); http://www.nightforceoptics.com/LIBRARY/Nightforce_Reticle_Manual.pdf
I can tell you that Mk4s are definately MOA, and not IPHY. I have tested the heck out of 3 of mine. And given a choice, I would actually choose IPHY over anything else. It's the highest resolution.
okay, I have a mark 4 so that is true moa, and a vari x 3 long range, anyone know which that is? that one is actually the one thats more important for me to know, i should probably switch the scopes on the guns, but have been sort of lazy.