The integration of deep learning based systems in clinical practice is often impeded by challenges rooted in limited and heterogeneous medical datasets. In addition, prioritization of marginal performance improvements on a few, narrowly scoped benchmarks over clinical applicability has slowed down meaningful algorithmic progress. This trend often results in excessive fine-tuning of existing methods to achieve state-of-the-art performance on selected datasets rather than fostering clinically relevant innovations. In response, this work presents a comprehensive benchmark for the MedMNIST+ database to diversify the evaluation landscape and conduct a thorough analysis of common convolutional neural networks (CNNs) and Transformer-based architectures, for medical image classification. Our evaluation encompasses various medical datasets, training methodologies, and input resolutions, aiming to reassess the strengths and limitations of widely used model variants. Our findings suggest that computationally efficient training schemes and modern foundation models hold promise in bridging the gap between expensive end-to-end training and more resource-refined approaches. Additionally, contrary to prevailing assumptions, we observe that higher resolutions may not consistently improve performance beyond a certain threshold, advocating for the use of lower resolutions, particularly in prototyping stages, to expedite processing. Notably, our analysis reaffirms the competitiveness of convolutional models compared to ViT-based architectures emphasizing the importance of comprehending the intrinsic capabilities of different model architectures. Moreover, we hope that our standardized evaluation framework will help enhance transparency, reproducibility, and comparability on the MedMNIST+ dataset collection as well as future research within the field. Code will be released soon.