You know, I like the original Medalist also. I've never used a II, preferring to purchase the first model. The differences as I understand them are:
Medalist "I" had a black anodized double helicoid lens barrel, whereas II was polished aluminum (supposedly, the black lens barrel was more stealthy for military use during WWII). Both lens barrels are nice looking (probably the most distinctive visual feature of the camera). I like 'em both.
The "I" had a fine focus knob on the lower right part of the body, but the II replaced that spot with a flash sync outlet. I rarely use flash anyway, and I think the fine focus knob is cool.
There may be better lens coatings on the Medalist II. I can't argue with that. But, I get beautiful results from my Medalist I Ektar lens.
Anyway, I'm sorry to hijack the Signet thread. Just wanted to spread the love for Medalist I.