Sorry Mike, only just noticed your question from a few days ago
Can't remember the model number but I went for the larger, more expensive version on the basis I have learnt the hard way on various tools that you always tend to regret not paying that bit extra to begin with as once you have a tool/machine and start using it you soon find out where and why the savings have been made and tend to wish you had a spent a bit more in the first place.
So I tend to either not buy, or wait until I can afford the better spec kit as it's nearly always worth it in my experience.
Having said that I think the smaller Tormek is still probably a good piece of kit if you don't plan to use it heavily. Think the motor is less powerful and only rated for intermittent use, and that the casing is plastic rather than sheet metal so may perhaps be a little less rigid with regard to the toolrest mountings but I haven't actually used once in practice to be fair.
So probably depends on the amount and nature of the useage you are likely to get from it.
I worked on the basis that I would probably get ten years or more service from it so might as well spend a bit extra and make sure I wasn't dissapointed, and I'm sure you won't be either regardless of which model you were to choose