Between the two, having the meter on the hotshoe is handy, and it looks great - but of course, a pain in the ass if you use a viewfinder a significant amount of the time, whcin I do. I now leave my compact VC 28/35 finder permanently on my M3 - but before the 28mm lens I was quite content with the VC. Altho you can use the VC11 on a cord around your beck you can't put it in your pocket - the metering button can get depressed and hence the batteries run flat.
Secondly, the VC 11's dials can get knocked out of position, it's worse on some than others, but is a pain.
THirdly, to get a reading you only need to spin one dial on the 208, but you have to spin two dials on the VC11 (this is hard to explain, but intuitive when you try them both, and was a deal-clincher for me). And a moving needle is much easier to follow than LEDs.
Fourthly, the VC11 is more expensive. it was nice having two of them, but when the time came to sell one, I had no hesitation before packing up and sending off the VC.