I have several Medalist 1495's, two 1494's, a 1492 and a 1496 1/2. I use them on vintage glass rods and they not only look good on those rods, they also function well and balance out the rod blanks very nicely. They also hold a WF line and an absolute ton of backing; or a DT line with somewhat less backing. The drag is non-sophistocated, but it works well and provides a pretty constant drag once the reel starts spinning. I like the click sound on the retrieve. I wouldn't depend on the drag to handle 7x or 8x tippet, but for 4x, 5x and 6x, it does the job for me.
Check out this link for a short history of the Medalist reels and some good pics.
"Pflueger Medalist Reels - A History - Fly Angler's OnLine Volumn 7 week 41