Here's how I understand it.
The cammed reflectors retain the focusing mechanism of the stock mag. Without the cam you have two options. First, you can have a fixed focus light. The switch spring will push the bulb holder up against the base of the reflector and the position of the bulb is fixed within the reflector. You adjust the position with shims to tweak the beam. Another option with camless is to lock the switch slide mechanism in place and then you can focus by screwing the head in and out. My Malkoff modded Mag works that way, and I like it.
MOP is Medium Orange Peel, LS is Light Stipple. Both smooth out the beam artifacts at the expense of throw. More texture = smoother beam and less throw. I've tried a VLOP (very light orange peel) and MOP in my ROP (love these acronyms) and prefer the MOP. It still throws like crazy. YMMV
I recommend the
fivemega reflectors. I have two and they're beautifully made. Get a dual function one and you can go cammed or camless.