I am getting ready to do a review of the new version of Lounge Lizard from AAS and just loaded it up.
I can tell you this is unlike any other Rhodes emulation and that includes the previous versions of Lounge Lizard.

The revamped interface is really nice and clean.  The sound puts it in a class all by itself.
I emailed my contact at AAS and the only word I could use to describe the sound was that it had sort of a breath and liveliness I had not heard before in other emulations.

Look forward to delving in deeper with it but if you are a previous Lounge Lizard user this update is a definitive no-brainer!

Yup...way better than EP3 and that's goin some!

Is it one that plays samples or one that "models" the instrument?

Models.

Thanks yoropal- I have one called Modartt 4 that works in this manner but many seem to think the "Lizard" is King although some say velvet is very good too.

  I've got several Rhodes/Wurly libraries (NI's Elektrik piano & their Scarbee packages), but I think the Modartt versions are outstanding. I have only played the demo versions, but I finally picked up Pianoteq a few weeks ago and am itching to get the electric piano add on.

I still would like to see the new one from Steinberg (which has actually been around in different versions and labels for some time) called Neo Soul Keys to go "on sale".  It's sample based and to my ol ears really sounds the truest to my old suitcase Rhodes.  It's got just the right "bark".  But, to me, LL3 (and now 4) is the de facto standard.