I started a thread just like this to help me decide, and after all of the input that I got here, along with my own research and test drives, I selected the 986 S, and have been thrilled with my choice.
My wife was also very supportive of the purchase. I think we both actually preferred the look of the 986 interior.
Rather than try to recall all of the details, let me see if I can find it .....
purchase choice - 2003 S or 2005 2.7?
here's another one that may be helpful:
Should I buy 2003 S or 2005 (986 or 987)?