I havent driven a 16v but I can tell you some advantages of the 8v (which I own) Firstly, sod the 0 - 60 times.. the 8v on 0 - 30 is close to that of a lambourgini diablo. Obviously 0 - 30 wouldnt be a massive difference in any car but I have yet to be beaten off the lights by any car. Two of my best defeats are a BMW Z3 M and a Nissan Skyline R32.
Also the head is much smaller on the 8v leaving loads of room in the engine bay for mods. I've had K&N injection filter put in, Stage 3 fast road cam and so much room I dont know what else I can do. And my friend swears that the car is twice as quick in acceleration than the standard. So you have a lot of play with the 8v.