If you're going to want to race it, even ocassionally, you'll need the V-8. Unless you're racing rice burners.
My take was, 306Hp was plenty for me. I don't race. I want a cool car, but there is really no where you can take it to legally open it up and run full-out around here - legally. So the SS was never on the table - why spend the $$ up front, and on gas?
Definitely go for a Camaro, though - you won't regret the feel of it while you're driving...