Yes, I have seen different versions of the 7208's as well. The jacks on the back run horizontal instead of vertical. If you look inside the set, they use a pressure contact pad for the hook switch rather than optic. The handsfree mic inside is also mounted in a different location off a set of fly leads.

It's probably as telemarv suggests and defective hook switch.

I do know that out of all the rural properties that I do, this cheaper version of the 7208 seems to be the one that is always taken out by lightening strikes. There must be some other differences with this set as well.