Good question. Since I am a Coast Guard reservists, I am able to pick up my paracord at the local Army base. Of course, it's mil spec. I have also picked up some at the local camping store that is labeled "Type III". According to the package, it is rated at 550 lbs. I can't tell any difference betweent the two visually. I haven't figured out a good way to test it yet, but the mil spec is about $1.50 more expensive per 100'.

And Coastie09 makes a good point. Mil Spec doesn't mean the best. Militay requirements are for certain MINIMUM standards.