The reason you are having difficulty in understanding that is because it is a confusing bit of writing, JB. What is meant by 'medals for valuable service' actually means a rather short list of medals, such as the Imperial Service Medal and a few former colonial medals, none of which apply to current British service personnel. It does not mean long service and good conduct medals, which continue to rank after coronation and jubilee medals, including the new QDJM.
The only medals which come after long service medals are commonwealth and foreign awards.
Oh and the VC takes precedence over absolutely everything, but I don't believe we have any in the ranks of PPruNe (unless anyone knows better!)