I like that the Cardio III gives you options. It's all about the options. When you're on your peds rotation and auscultating a tiny newborn whose chest is only like twice the size of the large diaphragm (slight exaggeration), you'll be in business because your Cardio III has a pediatric-sized diaphragm. When you're on adult rotations, you can convert the small diaphragm to a bell to appease the old-school attendings who don't know about the tunable bell/diaphragm-thingy.
In terms of acoustics, I don't think there's any difference between the Cardio III and Master Cardio at our level. Cardiology training is many years away, and you don't know if you're going to do it yet. You can always get a stethoscope with better acoustics later.
I don't know anyone who has broken their stethoscope and had to use the warranty. My Cardio III is still good condition after being stuffed into backpacks, left in the car in 100+ degree heat, sat on, dropped, stepped on, etc. Just about the only thing I haven't done is dropped it in water. I'll probably lose it before breaking it.