(for what must be the 752721754th time on these forums)
the 1jz-gte is rated at 280bhp stock. this is the standard japan limited figure, but realistically it wouldn't be more than a few higher (considering the 2jz-gte only puts out 320bhp)
the gen3 1g-gte puts out 210 horsies ... so there's a bit of a difference there.
phil's 1g-gte is putting out 270+rwhp, which is pretty damn impressive.. the potential on the 1jz is huge
a 1g will be easier and cheaper, and it makes for a pretty damn quick car. 1jz will make a street rocket, designed for trashing skylines, wrx-sti, and motorbikes (my personal favourite!)
if you cant see yourself using that much power, dont bother forking out the extra cash when the 1g can be easily modded up to 250+bhp
edit: looks like CM beat me to the well quoted hp figures