205: iron case, gear driven, fixed yoke rear output (unless its the freakish 1980 np205), 1.96 "low" gear.
208: aluminum case, chain driven, slip yoke rear output and a 2.7-something low gear.
the 208s low is nice, and the fact that its lightweight is nice too... the chain-drive system is debatable... what isnt debatable though is that slip yokes SUCK. Im ditchin my 208 for just that reason, the slip yoke is just a crappy design.
j