The "Gray Flat" more than likely for that Vietnam era look.
The "Grayish-Black Flat" is excellent for later M-16A1's, AR-15's, M4's up until Colt changed to the basic black back in 1997 -1999 or so...
I've used the "Flat Black" but I think it's trickier to use. If you spray it on like the other two colors previously mentioned the end result is that it's a bit on the semi-glossy side like an HK or Uzi color. If I work with "Black Flat" I try to do a light fan coat, let it cure, then do another light fan coat, let that cure, then do another light fan coat, then cure if I want it to look flat like current AR's / M4's.
If you spray the "Gray Flat" or "Grayish-Black Flat" too thick it still looks flat, although the texture is rough like sandpaper.
I've redone all but two of my AR's with this product, good stuff that sprays on thin.
SORRY, double post please delete one.