[Azimov]

I think there is alot of rumors flying around that aren't true. First, the package with the Picco on top and the TX on the bottom is the packaging used for PicooZs sold anywhere except Radio Shack. The long box with the TX and Picoo side by side is a Radio Shack exclusive package (in the US anyways) and both versions are the same exact helicopter. There is no difference in them except the packaging and where they are sold. It's always been this way.
The version 3 everyone is talking about is simply a few slight differences noticed in later shipments. Primarily, that the struts that hold the rotor linkages on are slightly thicker and pointed slightly upward. Also that the tail rotor seems a bit beefier. These are the only differences and they seem to be showing up in the vertical packaging found at toys R Us and some online sources. I don't think any improved models are have been found in the Radio Shack horizontal packaging.
So, there has always been two package configurations, but only one PicooZ. Lately, improvements have been added to the mix, and people are erroniously calling this a version 3. And it doesn't help that dishonest online retailers have been blatantly lying about having the "latest version 2 or 3" horse hocky to get unsuspecting buyers to order over priced helicopters that are no different than anyone elses.