I own a 8v gti as the insurance was too much for the 16v.
Anyways having driven both in standard form on similar miles, I'd conclude the 16v is faster. Let me elaborate a little, upto 75-80mph theres not much than a car length in it but after this speed the 16v will pull away. As I said above I went for the 8v due to the insurance been far cheaper, I was disappointed at first as I wanted the daddy 16v lol but i've been driving the 8v for 4 months now and shes got a reallly nice power delivery. You'll be amazed what you can beat/get the drop on with the power delivery.
I'd say if you wanted the biggest headline power firgures and always drove the car on the limit then get the 16v. If you want a nice easy to drive car that can have pleanty of punch get the 8v. I'd advise driving a few of the different cars or passengering in one at a club meet or something similar. It really depends what you want.
The 8v car will only have cloth seats instead of the 16v half leather (not so nice jungle pattern on the seats though lol. It will also have bigger front brakes (280mm) as apposed to the 8v's smaller ones (256mm), the calippers are the same its just the larger disc which fits becauase of a different carrier.
In short the price difference between a 16v and 8v may be larger than that of the cost of a set of carriers (150 quid from SEAT), and a retrim on the seats (who knows the price).
Hope that made some sense and sorry if I waffled on