This thread has been dormant for a while, but I thought I should update with my experience using the LEO .46.

I got this engine at a VERY reasonable price, and immediately it was obvious that this is indeed identical to the old ROYAL .46, and both of these are in fact re-makes of the old OS .46 SF. Out of the box it was extremely tight, almost made me wonder if there was something wrong. However, I put it on my test stand and it broke in beautifully. It took about 20 flips (I don't have a starter so it was chicken-stick for me) to get it running steadily. After 1 tank of Omega 5% it was going smoothly, and another half-tank allowed me to adjust the low-speed needle to get a nice transition and no loading up.

I put it in my LT-40 trainer, and it has been wonderful. It dead-sticked me once, but we fixed that with a little work on the high-speed needle. I flew it with a 10x7 Master Airscrew prop for most of the summer, and it was good but the plane was a bit wishy-washy on climb-out. Recently I put an 11x6 Master Airscrew and I think this works much better. The engine turns it with no problem and it flies with authority now.

So, I think I can safely say that the LEO 0.46 is a good buy for the price-conscious flyer. I am told that this engine is sold in the USA by MECOA.