Here's some rambling opinions and no real help:
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Both of them are good color combinations and both ride great.
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Have you driven both, or at least driven a pre-2000 base and local '03 S?
I have often thought of getting an S, but I really enjoy my base '99 and '01. I plan to purchase another '98 or '99 (to rebuild) next. For my street driving purposes, the power and braking are fine. I don't think of the S model as a 'overpowered car', but for me more power makes me drive more stupid. I can embarrass myself enough in a base while I look just as sexy and get better gas mileage.
Enough about me... what do YOU like. Either one could bust a rod bolt or have a lifter seize the first day you drive it, or they could be fine for 200k more miles. Buy the one that you feel more of a connection with driving it, or looking back over your shoulder as you walk away.
Bottom line may be that the S is more car for the money. Over a few years the clutch/IMS cost will balance in the normal maintenance and the S will still be 5 years newer.