An interesting physical meaning is presented for the anisotropy parameter δ, previously introduced by Thomsen to describe weak anisotropy in transversely isotropic media. Roughly, δ is the difference between the P-wave and SV-wave anisotropies of the medium. The observed systematic depth errors in the North Sea are reexamined in view of the new interpretation of the moveout velocity through δ. The changes in δ at an interface adequately describe the effects of transverse isotropy on the P-wave reflection amplitude, The reflection coefficient expression is linearized in terms of changes in elastic parameters. The linearized expression clearly shows that it is the variation of δ at the interface that gives the anisotropic effects at small incidence angles. Thus, δ effectively describes both the moveout velocity and the reflection amplitude variation, two very important pieces of information in reflection seismic prospecting, in the presence of transverse isotropy.