I had a 16V and then a mint Williams. You have to look carefully for the best, but they do exist. I was lucky - the guy I bought mine from phoned me up in response to a post on RSC... I just thought it was too good to be true!
Theres a fair difference between the 16V and the Willy - not least the feel of pure driver focus. Going from a Ph2 16V with leather to a Willy 1 was a step down in comfort terms, but I loved it.
You can definitely buy faster cars for £5k, but you wont get many other icons for the price. Im gradually working my way through Evos five-star cars and have a Fiat Coupe 20V Turbo now - much more grown up. The Coup definitely impresses people, but obviously doesnt have the rally glory and isnt clearly the best ever of its type.
I think the fact that the Willy is compared mainly to cars like Elises, 911s, Scoobies etc in tests says it all really. Its the bona fide, gold standard, creme de la creme of hot hatches and I loved owning and driving mine.
It depends on who you are, but when I look back at the pictures of No.123 its like being punched in the stomach (just like seeing a fit ex-girlfriend). Thats never happened to me before!