Yes it is the Extreme Weather version of the M70, I was holding out for a SS FWT model but it never came along for less money than this one. Plus they are both listed as 7.5 lbs and I get a 2" longer barrel on the EW model.
As far as the scope it is just not pratical for hunting unless I'm going to shoot long range. While I'm capable of making LR shots on game and 600 yards is about my comfort zone these days, I prefer to get within 300 most times. Even though I have the equipment and skills to shoot beyond 300 yards there is nothing quite as exhilarating as getting close to game without being busted. I've shot several game animals within traditional bow range, and it gets my heart pumping like no other expierence.