The Bronze Star (sans V device) is the equivilant of the MSM, the only difference is where the person was when they performed this outstanding service, we would not even be talking about this if it was an MSM.
The criteria for a V is hardly uniform either. I know that there has been talk about making the Navy align more with the other services for the awarding of the device, but there's a WIDE range in perception between the services for what merits it.
The awards system sucks, and has for a long time. I'm sure the inequities I've seen are not unique. It boils my blood when I have to fight tooth and nail to justify a CAR for a guy who spent the last year taking care of IEDs, but a fobbit that hears one go off while convoying from the shire to the green zone has the award sail right through.