The cherry blues are nothing like a good Model M, in my experience -- more like a cheap knockoff.
A nice Model F, on the other hand, is NKRO over USB via soarer's adapter, and has an even better feel to it than the Model M. And with a bit of work, a 122 key Model F can have a standard ANSI layout, as it defaults to ISO. The F AT layout is a bit hard to adapt to, in my experience.
But if you don't want to deal with adapters and whatnot, and just want to buy a keyboard and use it, a nice white ALPS board is a better choice than Cherry blues, in my mind.