The center armrest was significantly changed at the facelift in 1987. Early models have a separate armrest pad, the e-brake on the driver's side, and the ashtray in front of the shifter. Later models have an integrated armrest pad, the e-brake moved to the passenger's side, and the ashtray moved to where the e-brake was on the driver's side. Below is a picture of the two side by side courtesy of MR2OC.com member Ron. 87+ is on the left.
Many 1985/1986 mr2 owners have torn (or even missing) armrests from the center console. It is relatively easy to replace the vinyl on the armrest padding. Definately worth the effort if your armrest is torn and scratches your arm like this one.
Pictures for the reupholstry process:
The armrest is different on 87-89 models. The information above only applies to 85-86 cars.
Brand new Toyota armrest pads are still available from the dealer for less than $100.