I've already done over 1,000 miles in the VXR8 and am loving it. In my opinion, it's a worthy (dare I say it?) "successor" to the 260. It's sort of what you imagine/hope a 2nd generation 260 might have been like, if MG had continued.
There are a lot of similarities apart from the American V8+RWD: the uniqueness; a set of well understood problems (just different ones); a supportive internet forum (although not as cohesive or well run as this one); the specialist garage who people go to (Monkfish Performance = Austin Garages / Dreadnought); my wife hates driving both of them and of course the economy (slightly worse!)
Then the differences: a more modern cabin; the suspension is quite a bit softer, but still without any significant body roll in corners; it's a lot faster than a standard 260 (presumably not so different to a 260+S/C); the car with standard exhausts sounds much more muted without any real V8 rumble.
No, not really. The 260 is the enthusiast's car for those in the know and has a great character.
While it's certainly not a BMW/Audi clone, the VXR8 is more clinical and modern. And it's definitely not a Q-car: you will be stared at by the occupants of every Corsa that you meet and I've already had a chap in a Passat, who I refused to let push in at roadworks, reasoning that the car meant I had small man parts and he wanted a fight to resolve the situation.
For me (someone who loves driving, but has no interest or ability to fettle the car myself), the VXR8 is probably the better choice. You want a mod - you take it to Monkfish. With the 260, there is such a huge amount of knowledge in the club, that a lot of owners will want to do it themselves and actually see that as part of the fun!
I'll keep an eye out for nearby meets and hopefully bring it along sometime (if that's allowed!)
Stephen