To quote a post on a different forum:
There are three varieties of NeOns (Custom Division and Sergey's full customs not included):
NeOn 3D - a very limited run with unique blade grind, 3D carved titanium handles, and roller bearings
NeOn Lite - your 'regular' production NeOn, with flat (2D) titanium handles, flat ground blade, backspacer, and multi-row ball bearings.
NeOn Ultra Lite - a simplified version of your production NeOn.
The differences are in blade steels used (Lite uses M390/S90V, Ulta Lite uses S30V).
Ultra Lite also has a standoff instead of a backspacer, and has no internal milling in the scales; all of this helps push the cost down. Ultra Lite runs on multi-row ball bearings, as well.