The problem is precedent. If a soldier earns a MOH for jumping on a grenade to save his buddies in Vietnam, why doesn't a soldier today who does the same thing not get a MOH.
Awards are a big morale issue. I have no doubt you have lower enlisted soldiers who are doing supply runs throughout Iraq. They rotate home and don't get an award, but a staff officer at Battalion and Brigade will get a Bronze Star even though they never left the compound.
We had this issue back in the first Gulf war. Another LT thought my boss deserved his Silver Star for the great job he did. I said my boss is the S3 of the battalion, all those great jobs he did are his duties as the S3. He did his job. He did a great job and it should reflect on his OER but as for the award, I didn't think so.
As for being as bad as Vietnam, I cant answer that. I'm sure we might have a soldier on FR who has been to Vietnam and Iraq.
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You are correct, every other person leaves with a bronze star and that is making them almost meaningless; they are pretty much the "standard" for PCS. In my opinion, the "V" device, even on an Arcom says much more. Awards for valor are an entirely different things.