Howdy Rylan,
It's a fair point and one that most modern Morgan owners go through before choosing & paying. You're not alone, anyway!
I would advise that you take some time to actually drive a nice example of each and sit back with a pint and make a list..
I'm a 4/4 owner, and came via the M3W route. I drove loads before I stumbled upon this one, and when I did I knew it was the one I'd be happy with. There is a lot in it when people say the car chooses you and not the other way round..
Regarding the power, you'd have to be very picky to decide on power outputs alone. If you want power, go for a V6. The issue there is that both the P4 and the 4/4 use that beautiful Mazda gearbox whereas the V6 doesn't have that slickness and that put me off.
The modern P4 uses the Ford GDi engine, and isn't as easily or readily tuneable. It produces a smidgeon more power and torque and is generally bought by people who aren't that bothered about doing anything like this, but still enjoy the experience. It also has a fractionally wider track by virtue of it's wheels, and is thus slightly wider in the wings.
The body tub is identical now on all the trads so interior width is the same too, not withstanding gearbox tunnel differences.
The 4/4 for me, is exactly what I believe the Morgan should be: Light, flickable and revvy. Standard engine is the Ford Sigma with VVT and a host of tuning potential.
It's an easy stage to achieve around 20 to 25 bhp more through better breathing and a slightly richer ECU remap to suit. The next stage is generally throttle bodies, but there is a pay off in terms of torque despite the excitement they bring..!
People such as Wolf Performance and Williams all have products that provide tuning kit, and long may that be so..!!
The standard car isn't a slouch, either. It revs like a nutter and having done a foreign trip in the company of two P4's and a Roadster V6 it certainly didn't feel like I was the odd one out.
The decider for me was the right colour and options at the right time. It was newer than I'd been looking at, but I have no regrets whatsoever at almost 6000 miles in 8 months..
Hope this is of some use.
I would add that I've written this as a predominantly solo driver. If you are the driver who nearly always drives with a passenger, I wouldn't hesitate to compromise and go for a V6. Your passenger isn't going to appreciate your efforts with swinging the car to and fro along with playing the gearbox, I'd guess they would prefer the limo style of power surfeit that the Mustang engine brings..!!
