I think probably the biggest thing to consider when purchasing a 1-slot is game compatibility vs. features.
Here is my impression of the break-down of the compatability of carts vs. features (I have not tested each 1-slot personally):
MV-1: The largest 1 slot. some newer games probably will not work (IE: Rage of the dragons, SVC CHAOS, matrimelee, KOF '03, etc.) BUT you get AES type ports for controllers, the ability to add or build a mem-card reader, plus stereo sound from headphone connector. Socketed BIOS for easy swapping to Universe bios.
MV-1F: Smaller than MV-1. some newer games probably will not work. You get AES type ports for controllers, stereo through headphone connector, NO mem-card capabilities. Socketed BIOS for easy swapping to Universe bios.
MV-1FZ: System is quite a bit smaller than MV-1 or MV-1F. Some newer games may not work, they seem to work for some, and not for others. No stereo w/o a mod, no mem-card support. Socketed BIOS.
MV-1A: Same size as MV-1FZ. I have one of these, and every game I've ever put into worked immediately (ROTD, SVC CHAOS, KOF '03). There are a few reports of problems w/ 1A but I suspect some of this may be because 1A looks almost identical to 1FZ and people may actually have an MV-1FZ. No stereo w/o a mod, no mem-card support. Socketed BIOS.
MV-1B: Smallest horizontal 1-slot, about the size of an mvs cartridge. Support for all games!! No stereo w/o a mod, no mem-card support, soldered BIOS much harder to change.
MV-1C: Smallest 1-slot (vertical). Supports all games! No stereo w/o a mod, no mem-card support, soldered BIOS much harder to change.
Soo.... The oldest 1-slot has the most extra capabilities(those on multislots), but less game support, and the newest 1-slot supports every game but has NO extra capabilities. I think my MV-1A is a good compromise, it's pretty damn small, plays all the games, and has a socketed BIOS. No controller ports or memory card, but that is why I have a 4-slot (4-slot for capabilities and MV-1A for portablility). Cost may also be a factor, older 1-slots tend to be consiberably cheaper than MV-1B's or MV-1C's. MV-1A tends to be not very expensive.
If you want memory card capabilities from an MV-1 you will need to buy an MV-IC board or build one from a PCMCIA card slot and a couple of IDE cables.
Cheers,
-DT