I've had both now so i'm pretty qualified to comment, the best all rounder is the 8v by miles. Its more economical and its more ready to go at lower speeds, the 16v takes alot of working up to get the full potential and in everday life isnt as driveable as the 8v. The 8v is also cheaper to insure.
The 8v is also a simpler engine and in my experience has fewer problems than the more complex 16v and doesnt cost as much to maintain. The gear change on the 8v is also better than the cable change fitted to the 16v in my judgement
On paper the 16v is 1.5 secs quicker to 60 than the 8v but i don't think its than much of a gap really.
So why do i have a 16v?? Simple really, mines been well looked after, it only cost me £1000, its got a massive boot (being a cordy) and also has A/C. So i put up with the crap economy and because its been well cared for it hasnt cost me much in maintenance. I'd still rather have a 8v for driveability though.