205 = 2.1 low (weak) gear to gear (loud/hard to shift) ability to use 2 sticks to control front and rear output independently, IMO more reliable, can be built into a doubler and easy to convert to fixed rear yolk. CAST IRON
208 = 2.78.1 low (more better), chain drive aluminum case. No ability to twin stick, dont think they can be converted to fixed rear yolk easily. IMO a POS. I have never been a fan of the 208, they leak more as the case splits where the 205 is a solid case, and i like twin stick.
Now, people swing both ways on this, I would never choose a 208 over a 205 any day. But thats me, now a 241 would be a good compromise, stronger than the 208, very good low, and a decent design.