Yes, It's the mags.
I finally purchased a MK III Hunter a couple of weeks ago and immediately (round #1) experienced a feed ramp jam with bullets I have fired flawlessly out of a MK II. (Yes they were lead hollow points, but so what.)
The MK II was never picky about needing the "right brand" of ammo.
I found that there is quite a bit of info posted at many sites about problems and fixes for feed / ejection problems. These are largely correct and are likely related to the same problems where the mags or lips are not quite at the right height.
I have posted photos and a summary here:
http://www.prestonsdocsonline.com
To the point, the front mouths of the MK III magazines are cut deeper than the MK II mags (at least the 3 that I have) and now there is nothing to start many types of bullets properly on the feed ramp.
Note that the MK II magazine shown in my photos is about 20 years old.
I compared new Ruger MKII and MK III magazines at the gun store a couple days ago.
I found that the new MK II mags also have the mouth cut deep like the MK III mag that I show.
This suggests that the same stamping die pattern may be used for the body of the both MK II and MK III mags with a second stamp for the MK III to form the side release tab, trigger cutout, etc.
In any case, the old style MK II mag will feed virtually any type of ammo, while the MK III mag is picky (as well as many of the newer MK II's by the number of people reporting problems in various forums).
Preston