the '11 can be tuned to have more PP than the '04 and it looks... i want to say prettier, but i am like the biggest elise fan and have been for almost 10 years (and im only 14!) but i love the hell out of them so all i can say is, they're only 50 grand each, buy both! but i would say the 111R is easier to drive, but if you are good, the '11 could be faster at 500PP. buy 'em, love 'em, go home.