I've got an Etek 3 LT and two team mates have got Etek 3 AM's. Physically, the LT has a different frame, eye covers and feedneck (made from glass reinforce nylon) This gives it a slight weight advantage and a slight flex, the rest is all the same. Shooting them both, no difference. I paid nearly £100 less for mine.
As said above, the LT frame doesn't take the Emmortal board (LCD upgrade) But you can apparently (I've looked around and not found one) get an AM kit for the LT that has the metal frame and allows the installation of the new board. But to be honest the LED board works for me.
These things are pretty durable. Team mate submerged his Etek in the mud pit called CPPS round 1. We washed it down, slight lube and off we went.
Another team mate has just bought an Etha, not had chance to shoot it. But it's made from the same material as the Etek LT, worked well from him apart from a small leak. This was fix with a little lube.