OK...here are some more of my early test results but I am still doing comparisons so take this as somewhat tentative.
The Traveler III is excellent but a hair different on FM. It is today's typical DSP FM which means incredibly sensitive and selective. Interestingly the III has a slightly shorter whip than the II but overall FM reception was similar. On initial tests they were pretty much equal on the top half of the FM band...from the middle down each radio "won" on some signals with no clear cut winner. At first I thought the shorter whip might be the reason but when I shortened the II's whip to the length of the III is made little detectable difference.
So overall the FM is really comparable between the two.