I have the BG-42, CPM D-2 and CPM S90V versions of the Military.
Fit and finish on the BG-42 model is fantastic, the blade opens and closes smoothly and easily. Oppositely, the D-2 and S90V models don't open as smoothly, and the lock bar is much stiffer (which makes the lock more secure, but also makes your thumb sore if you sit there opening and closing the knife for more than ten minuets. If you're trying to smooth out the pivot, for example).
As for sharpening, Spyderco's sharpmaker rods do well enough touching up the edge on S90V, but if you need to do a full re-sharpening job diamonds are a big, big time saver.
If you have lots of cutting to do, I suggest getting the S90V Military and a course 6"x2" diamond hone (usually about $20). You will be surprised at how well S90V holds it's edge, and diamonds sharpen everything so much faster it's not even funny.
If you just want something for your collection, the BG-42 model is much nicer to handle, it just won't hold an edge nearly as long (but still better than your average steel).