I have Leica-meter MR, which I use mostly handheld to get an incident reading, then compensate from there (and maybe check occasionally). In complex situations, it fits nicely on my M3 though.
What I really like about the MR is that I know what EV (LV? never know the difference) values of the black/white bars are in both the normal and low-light modes, (8-18 and 1-11, respectively), so I don't need to fiddle with the dials, I just check the EV value and set my camera. That's the main reason I am hesistant about the VC II, where you always have to fiddle with dials to get to the right reading.
Biggest drawback of the MR is its low-light performance (Ev 3 and lower are a crapshoot, and below 1 is of course undistinguisable from 1)
If anyone knows of a meter that combines the one-glance read-out with good low light performance, I'm interested!