Quoted from manadams:
I have an opportunity to get a Black Arrow for a good price but really like the Smaug or regular LE trim better. I know it's a matter of taste but is Black Arrow more sought after and rarer of the bunch?
I think the Smaug and LE editions would be considered more valuable as they have a far superior powder coat on the games armour and legs versus the Black Arrow addition. That's just my opinion though, a lot may be personal preference. However, I think the LE and Smaug editions have one of the nicest factory powder coats ever applied to a pin.
There was a number or small hardware fixes for earlier Smaug and LE editions, if those fixes have not been made I can see it affecting the games price a little. Black Arrows were made well after the games release and will come with all of the hardware fixes installed out of the box. After maybe 6 months or so after release all Smaug and LE's had the hardware fixes applied as well.
The fixes that JJP offered are
1. Updated ramp flaps. This is the easiest way to tell if a game has all of the fixes applied as anyone who took the time to do the update likely did the others. If the ramp flaps are black then they are the newer ones, grey then they are the older ones that can curl upwards over time. This is the most complex and time consuming (maybe 2-3 hours) update of the 4 I listed here.
2. Clear molded plastic inserts in front of beast mechs, prevents balls from getting stuck.
3. Updated springs for all drop targets, earlier ones were prone to breaking.
4. Post on far left habit rail or ideally the newer updated rail installed