Tonearm adjustments on the fly

It is, but also features the hardest metal bearings used in any tonearm made worldwide. This allows the bearings to be adjusted so there is zero play, something you can't do with a jeweled bearing (lest it crack). So it has the least chatter and sticktion (I made that word up but you know what I mean) of any arm made. So while it might not win any beauty contests, it does get the job done. Of any arm I've tried and used it comes the closest to sounding like my master tapes.

From Reed.lt :

"Another Reed 3Ps innovation is its bearing system. Although tonearm bearing system can be considered as gimbal, it acts like unipivot one. However, major difference from unipivot system is that instead of a single pivot three pivots and both vertical and horizontal axis’ magnetic stabilizers are used. Such bearing system is as rigid as gimbal, but its friction coefficient is as low as in unipivot." 

** Personally I'm not sure if I can detect the difference in bearings between several super high quality tonearms. 

Someone earlier mentioned the Victor UA 7045 and UA 7082 tonearms with the adjustable VTA. It also has adjustable anti skating with a simple twist of a knob on the top and can be adjusted on the fly.
To set the VTA there is a large knurled lock ring that has a nicely machined collet underneath. Simply loosen the knurled ring after setting the fine VTA adjustment ring to the zero mark and slide the tonearm up or down to get the headshell dead level. Now tighten the knurled ring and use the fine adjust ring to raise or lower the tonearm + or - 3 mm. The fine adjust knurled ring is clearly calibrated with widely spaced markings for every 0.5 mm increment. Easy to estimate 0.1 mm changes or less if so desired. This uses a large helical screw that feels like using the focus adjustment on a fine camera lens. This fine adjustment is also done on the fly.
There is no perceptible play or looseness in any part of this tonearm assembly and the machine work is high end camera quality. The pivot bearings are actually miniature ball bearing assembly’s, no pointy screws in a divot with loose balls. The bearing layout for both vertical and horizontal movement is a true gimbal design unlike most tonearms. The tonearm tube is internally damped with a strip of felt and the SME type removable headshell is gripped by a collet arrangement.
There is no azimuth adjustment but a headshell with azimuth adjustment takes care of that.
It’s very obvious the Victor spent considerable time engineering these fine tonearms and they were found on Victors highest end models.
I find it the easiest tonearm to setup and adjust and have several of them.
BillWojo

Well I would say that environmental impact on the wood is just one of several potential problems. Perhaps even more significant is the issue of consistency of the material. Variations in grain, density, etc also could be questioned. Again I dont truly know but my guess is a major reason for using wood could be the fact that this medium is very easy to work and shape.

@chakster, I think Reed's marketing on the 3P is a bit misleading. If you look closely the vertical bearing is two points like the more expensive Origin live arms. The horizonal bearing is an upper hanging single point pulled into alignment by attracting magnets at the bottom. Since the upper bearing can be shifted horizontally azimuth can be adjusted. It has a great magnetic antiskating mechanism. It is a 3 point arm which is going to have more friction than a single point arm. Obviously it is a lot more stable. It is a very clever set up and I do not really care for it. The Arm I like the most is the 2G. The 2G has better geometry. It is a neutral balance arm and the vertical bearings are down at record level. It has fewer resonant structures. The 3P is quite complicated. 

@atmasphere, The Schroder CB's bearings are ceramic, even harder. It is reported to have the lowest friction of any captured bearing arm made. Whether that is true or not I can't say but it is a very sensitive arm and it will move with just the air currents in the room. I balanced the arm out so that it floats to set antiskating and had to turn the AC off. In spite of it being perfectly level it kept wanting to head towards the air return. Turning the AC off stopped it. Never had that happen before. The antiskating is also magnetic eliminating another bearing or friction creating device. 

As mentioned earlier, Easy VTA with my Jelco TK850L, I also have Pete Riggle VTA setup with Origin Live modded Rega.tonearm on another table.