There are a lot of pros and cons of each. Overall, I believe that the AP2 would be the car to get.

To some, a 2003 AP1 is the best of all S2000, because it would have all the minor fixes over the 2000 to 2002 models, and still retains the 9k red line.

To me, a 2003 AP1 with an AP2 transmission would be the best. The thing that bothered me about my old AP1 ws the transmission. The engine had some small problems such as Timing Chain being noisy, but other than that it was fine. The AP1 transmission was my ONLY complaint of the Ap1.

Although the AP2 has a strengthened diff, I still wouldn't trust it much for serious tracking. I would personally get the J's racing pumpkin on my next S2000, be it AP1 or AP2.

 

Went from a 1.6 modded ( lightly for autocross ) miata to the s2k ... its night and day for me, i prefer the s2k ..although you'rs with the blower is alot more visceral than mine was.