Both iterations of the Retina have the same Xenon lens design. But there are likely to be slight differences in their performance due to the more advanced coatings used in the IIIc/IIIC types. But the differences are likely to be very small and difficult to discern.
The biggest problem with the Xenon on the IIa is that the majority of them suffers from a clouding of the coatings on the inward facing glass surfaces that occurs, and that coating damage is permanent. Many IIa cameras I have serviced have a minor amount of cloudiness on one or both of the inward facing surfaces (the surfaces that face into the shutter), and maybe 10% of the cameras have moderate to severe clouding, which will definitely impact image quality.
If the cloudiness is minor, you can expect the lens to perform very well. Loss of contrast is the symptom with these lenses. Severe cases have a significant loss of contrast and increased flare, and a kind of "soft focus" effect to the images. Fortunately, only a few cameras I have seen suffer from severe coating damage.
The two versions of the Xenon are the same design, but with some differences, due mainly to the aperture value and the coatings.
This is what I can determine:
•
LTM Xenon:
• Softer at wide apertures with a glow effect.
• Dreamy bokeh, especially at f/1.5.
• Sharper when stopped down, but still exhibits vintage character.
• Desirable for portraits and artistic rendering.
•
Retina-Xenon:
• Similar glow wide open, but usually higher contrast due to coatings on later models.
• Sharper center even at wide apertures, with slightly harsher bokeh than the LTM Xenon.
• Optimized for general photography rather than solely portraiture.
Key Difference: The
LTM Xenon has a
dreamier, softer look, while the
Retina-Xenon is
sharper and
higher contrast.