Tom, yes, the 120 volt version is only for ST3-5's that are set up for 120VAC output only.
The new 240V version will be for ST3-ST15s set up to generate 240V (and two legs of 120V relative to the neutral).
This design (both versions) is very gentle on the ST brushes and field coil- since excitation with this design is normally near zero crossing time of the AC output, there is a lower voltage, longer, slower pulse width than in some pulsed designs. I think this should help with brush and slip ring longevity. The rotor/field coil only sees higher voltages for surge loads.
Some AVR designs bang very high voltage for a very short pulse- often at the AC waveform peak. This can cause notching of the AC waveform, a lot more EMI, and I suspect slip ring and brush wear. I'm basing this on some good data sent to be by Bill Rogers on a unit he tested. These really aren't designed for our ST type heads...they are for brushless designs. I don't know anything about the import one being offered...or whether it's really designed for the ST heads.
Bruce M