That is the modified diopter adjustment mechanism. As to how well the thing works, I can't say as mine is the original, unmodified one.
You can tell as the original mechanism is an exposed brass button sticking up which you depress to move. The problem is that it is too easy to press and move without user input, from such things as taking it out of the case etc. You get to the point where it is second nature to automatically glance at the position of the button and it becomes easy to simply put it where it needs to be before you get it to your eyes. However it can be a pain when you are in a rush to get on target.
You can tell the modified mechanism because you can see in the picture there is a protrusion in the adjustment ring which covers the brass pin, making it harder to move without user input. Other than that, the diopter mechanics are the same. Edit: There seems to be no problem with the ability to adjust the diopter to sharp focus, it is more a question of keeping it there. From my brief handling of the new mechanism it seems to be OK functionally, my above remark is intended to indicate that I have not used it enough long term to comment any further.
For what it is worth, the listed 438*, or 8.3*, measures about half a degree wider, 458', or 8.7* angular field.