OM pairs are our proposed framework for the formalization of metareasoning. OM pairs allow us to generate deductively the object theory and/or the metatheory. This is done by imposing, via appropriate reflection rules, the relation we want to hold between the object theory and the metatheory. In a previous paper we have studied the proof theoretic properties of OM pairs. In this paper we study their model theoretic properties, in particular we study the relation between the models of the metatheory and the object theory; and how to use these results to refine the previous analysis.