The WM Native is American made, has an S30V blade and a regular black clip.
The Native III is made in Japan, has a VG-10 blade and a wire clip.
The handles on both are FRN, but the Native is a bit flatter than the Native III. Both steels are excellent, and I really don't care about clips as long as they hold the knife, so the reason why I chose the Native III is because the handle is more comfortable in my hand, which is a very personal thing. I don't mind the little extra bulk, as my right pocket is there just for my knife, I carry nothing else in it.
I would like the wire clip to be black, though.