Well according to Russo Denmark leads over England, USA and China since we have 2 goldmedals and a population of only around 5 million.

Hence Danes are the best (well no surprise there)!

Jokes aside, that is just wrong to put it like that. There are lots of rules how athletes are selected and they are far from fair all of them. Other than that, a guy like Phelps can win medals in at least 8 different disciplines only becourse they have little difference. tennisplayers can only win 3 medals top. Are they less worth as an athlete?
What i am trying to say is, to make OL medals worth comparing, each ahtlete should only be able to take home 1 medal.
Otherwise its just if you excel in the medalheavy disciplines.

Count every medal, but only gold to start with if equal amount of gold medals count silver and so forth (Continueing with 4th places and down untill there is a difference)

Counting bronze as much as a gold medal, and then not counting any 4th places, that just doesnt make any sence. If done over a long period thats just embarrasing.