I quite like LA Times' medals per capita article.
Here are the current standings:
The top 10:
(country, medal tally, MPC)
1. Slovenia (4) - one medal per every 501,927
2. Armenia (5) - 593,717
3. Jamaica (4) - 701,083
4. Australia (29) - 710,374
5. New Zealand (5) - 834,692
6. Belarus (10) - 968,576
7. Trinidad & Tobago (1) - 1,047,366
8. Norway (4) - 1,161,114
9. Estonia (1) - 1,307,605
10. Slovakia (4) - 1,311,187
Selected Others:
11. Denmark (4) - one medal per every 1,371,180
25. Great Britain (25) - 2,437,756
26. France (25) - 2,562,311
35. Germany (21) - 3,922,359
39. Singapore (1) - 4,608,167
40. United States (65) - 4,674,225
41. Canada (7) - 4,744,670
44. Japan (20) - 6,364,420
46. Spain (6) - 6,748,508
56. China (61) - 21,804,010

The top 10:
(country, medal tally, MPC)
1. Slovenia (4) - one medal per every 501,927
2. Armenia (5) - 593,717
3. Jamaica (4) - 701,083
4. Australia (29) - 710,374
5. New Zealand (5) - 834,692
6. Belarus (10) - 968,576
7. Trinidad & Tobago (1) - 1,047,366
8. Norway (4) - 1,161,114
9. Estonia (1) - 1,307,605
10. Slovakia (4) - 1,311,187
Selected Others:
11. Denmark (4) - one medal per every 1,371,180
25. Great Britain (25) - 2,437,756
26. France (25) - 2,562,311
35. Germany (21) - 3,922,359
39. Singapore (1) - 4,608,167
40. United States (65) - 4,674,225
41. Canada (7) - 4,744,670
44. Japan (20) - 6,364,420
46. Spain (6) - 6,748,508
56. China (61) - 21,804,010