Randy, a very interesting read and one note I would add is that Viper (Lee) on this site sold his Aero 8 Mk1 and subsequently bought a Ford GT (I have seen his car and it is a thing of stunning menace (black with matt black stripes, black carbon wheels, de-bumpered and running a special exhaust and suspension); however, despite having the GT, and a few other choice toys, he misses his Aero 8 and wishes he'd never sold his S1. In fact, over many months he and I have spoken about him finding another.
As for the S1 vs later Aero 8s - it would be unfair to say that the Aero has become more of a GT; easier to live with, yes, soft in it's old age, no! The S1 was a racer for the road and as has been said many times, were Morgan to do it again, they wouldn't have followed the S1 format because of build cost alone. However, even the last incarnation (S4) is still lethal in unfocused hands - lightweight, V8 and no traction control (or any other safety net other than ABS and DTC), does not make for a car that suffers fools.