First of all good start Kraxis. A generally good explanation by both yourself and Seamus
Now what one must also look at is the level of award placed upon the valor of the soldier. For instance while there was only 464 Medal of Honor Recieptants in WW2, The Distingush Service Cross, The Silver Star, and the Bronze Star were all Valor awards for the Army. The Distingush Service Cross has a few variants based upon branch of service - but for the most part they are all equal in presedence to the servicemember awarded them,
A fact link on what it took to get the Medals.
http://www2.powercom.net/~rokats/decora.html#MOH
The Army Commendations and Army Achievement Medals were also awarded with the V device - the V being for valor - for actions beyond the call of duty in combat - but not reaching the requirements for the Bronze Star. (Completely Subjective call of the commander at the authorizing level of the award, if I remember correctly.)
The German Military also had varying degrees of awards for Valor - however it seems that the Iron Cross was utilized much like the lower valor awards of the United States. The Bronze Star - without V device was also often awarded for actions not in combat during wartime. In other words it was also often used as a Merit Award for actions and activities in support of combat operations. Several other awards were specifically made for that purpose also for the United States Military.
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