I used to view this the same way, more people more medals.
But then we hae to look at the QUALIFYIN population of each country and the numbers would be so out of whack it shoots the population issue all to hell.
Example:
I have a population of 100 and you of 50.
In my country, the lifestyle for my people is more of a business or technical lifestyle and only 20 people are into fitness and sports.
In your country, 45 people are very active and fitness focused and only five are into an 'office' centered lifestyle. THen chances are you would have a better selection of athletes to compete in the games than I do.
So when we look at population, should we not also consider the number of QUALIFIED people that country produces?
I woudln't really know how to start and define such a term, I suppose you could remove the percentage of population that are obese, then those that are disabled in some way or another, etc.
Just considering this concept, it shows that being in entirely different parts of the globe with different beliefs, opportunities and lifestyles, it is not relative to compare population size as a contributing figure.
HA!
I bet you're thinking 'smoke another one', but that's my story and I'm sticking to it. :)