I have had a Model Two system for several years now, and I have to say that it is one of the most refined compact stereos I have ever owned. As a professional designer, I appreciate the use of natural wood and metal, restrained graphics and minimalist analog controls. It's small enough to fit in just about any space available, yet it sounds comparable, if not better, than much larger systems.
The only real complaint I have about it is that there is no way to filter out some of the bass frequency range for late-night listening in a thin-walled apartment complex like mine. Admittedly, having a full-frequency sound is one of the engineering feats of this stereo, and for normal listening situations, the sound is superbly well balanced. However, it's problematic to listen at an intelligible level after a certain hour, as the bass balance is enough to disturb the neighbors. I would suggest that a simple low-cut switch added to the back panel would be a great feature for insomniac apartment-dwellers like myself. One other small issue is that the tuning knob can be a little tricky to adjust, although this may be due to the fact that the radio spectrum is fairly dense where I live.
Overall, this is a very high-quality piece of equipment with a great, classic sense of style. It's a pleasure to have such a well thought-out item in my home, and I am sure I will be enjoying my Model Two for years to come.