I'm still unsure about my Miltioniopsis but mine is growing two new growths so I'm relatively happy.
I have actually had conflicting advise on the whole watering thing. I was letting mine dry out, not on purpose but because I kept forgetting to water it. Under that (lack of) care it started growing the new growths and seemed fairly happy. I mentioned this to someone working in an Orchid Nursary and he said "Ah Miltoniopsis is often confused with Miltonia and their care advise lumped together. Actually Miltioniopsis prefer to dry out a bit more than Miltonia".
I actually care for mine similar to my Phals, it is on an east windowledge and is watered when when it the skewer feels dry. I try and aim for when it is JUST dry, but it can go a little longer.
As for what media to use... I would advise talking to the guy at this website and buying what he suggests from him.
Orchid Accessories
It's a UK based site and I have found his media to be really good quality. My Miltoniopsis is currently in a mixture of his fine bark and just a small amount of medium CHC (again from him), but that was just what I had already, not what he advised. He has given me advise on potting Masda in the past though and he seems really knowledgable in my experience.