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There are a number of different versions of Cobol that can run on MVS (and VM) systems.
OS/VS Cobol: No longer supported. The original Cobol on MVS systems. It provided very little in the way of structured programming constructs and is quite limited compared to modern Cobol versions. You might find old programs written for OS/VS Cobol.
VS Cobol II: Very popular version of Cobol, this was the replacement for OS/VS Cobol, and it introduced more structured constructs. In-line Performs were allowed and terminators such as END-IF and END-PERFORM helped improved readability of programs.
Cobol for z/OS: This version has been known by many different names such as Cobol/370, and Cobol for OS/390. Provided more support for Language Environment and Object Oriented features.
Enterprise Cobol: The current version of Cobol on mainframe systems. Provides more features especially those to support Web processing, and the 64 bit hardware and operating systems.
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Which of these versions do you use? What are the disadvantages and disadvantages in using these versions?