Graham 2.2 or SME 309/IV/V

Im not sure why it is claimed the SME has limited adjustability. I have a V and have owned Grahams and others. I check my set ups with an o'scope. I have found using the supplied alignment jig I can get equal performance compared to other arms (assuming proper cartridge compliance)The SME is fast and simple to adjust and is great for someone who swaps cartridges frequently. For me it is the most user freindly high performance arm I have used and sound wise has equaled or exceeded any other arm I have tried.

02-04-10: Rccc
Im not sure why it is claimed the SME has limited adjustability

Because compared to say, the Graham phantom or Triplanar etc, the SME-V does offer less adjustments. No azimuth adjustment. No effective length adjustment (could be an issue if you use a fixed arc protractor like the MintLp). Clumsy, non-calibrated, VTA adjustment.
As I said, it's a fine arm, but clearly limited in adjustments compared to some other arms. I'm not sure how this point is arguable - though you could argue that (to you) these adjustments don't matter or are sonically inconsequential. I have no problem with that.

If cartridges were all standard, had perfect azimuth and records were all the same thickness - this might not matter to me either. However I haven't found this to be the case. YMMV.

Tobes, Your right. I have never had a cartridge under perform in my V for lack of adjustment. I will confess I dont adjust VTA/SRA for every record although I have made a few spacer jigs for setup with specific cartridges. Im not knocking those other arms but I find I get the same performance with the V with very little fuss.