Background: I'm 30 years old, a scratch golfer that plays 1-2 times a week, 9 months out of the year. I also am a penny-pincher and that is why this product interested me.
After borrowing several of these types of yardage-advisors from family and friends (I've tried Skycaddie, Bushnell Pro V2, and Bushnell 1600), I liked the rangefinder better than the GPS. That, to me, was the easy part. I wanted the PinSeeker technology but didn't want to pay for the top-of-the-line model. I should have bought one of these several years ago. Of course the PinSeeker technology is relatively new, so maybe I'm glad I waited. Anyway, my father is 60 years old and he uses the higher-end Bushnell, the 1600. I have played 3 rounds with his 1600, and several rounds with my Medalist, as well as a couple with someone else's V2 in a tournament. There is a difference in the models, and if you're a rich golfer who doesn't care about an extra $150-$200, go ahead and buy the 1600. It's got greater magnification and although it's a little bigger, it's really quick to target in on the flag/bunker/lake/etc. It's great. If you're looking to save a little cash, I would buy the Medalist (from what I saw it's about a $70 difference vs. the V2). Medalist vs. V2 comparison:
Battery - Medalist uses a 9V battery, which are much easier to find and less expensive than the 3V battery in a Pro V2. Advantage to the Medalist. Battery life supposedly is about the same. Remember to carry a backup battery.
Orientation - you hold the Medalist oriented horizontally, the Pro V2 vertically. I will admit that the V2 seems more natural, but this meant very little to me.
Magnification - the Pro V2 is a little stronger, but after using the Medalist for 6-7 rounds, it has yet to let me down. I've shot 270+ yards to a pin. My dad and I often shoot each other's distances to verify the number and sometimes it takes me a tad longer to lock on than him with his 1600. But again, that meant very little to me. And our numbers have ALWAYS been +/- 1 yard, even from 270+.
All in all, if you're looking for the cheapest option with solid pinseeker technology, this is it, and it's worked well for me.