I coulda bought either an 848 or 1098 and decided to buy the 848 and haven't regretted it.
The 848 really only has a few pro's over the 1098/1198; Wet clutch lasts longer, makes no noise and has better engagement, the 848 gets MUCH better gas mileage and it's a lot cheaper, you can find them for $9k USD almost new w/o any problems.
I ride my 848 every day to work and doing errands, its my main vehicle. Having spent a great deal of time on the 848 and my 749R race bike, I can say without a doubt you don't need a 1098/1198 for any reason. Unless your a club racer trying to win a championship, it doesn't make any difference.
People say; "OHH I want an 1198S because of the BETTER ohlins suspension". Guess what? From the factory, the Ohlins arn't much better then the Showa's. You still have to re-valve and re-spring them. I did the math, its cheaper to buy an 848, buy the Ohlins R&T forks, TTX shock and steering dampener... then it is to buy an 1198S! Plus the R&T equipment is substantially higher quality then the stock OEM stuff. On the track, there is a difference in the power sure... But you've gotta be one hell of a good rider to see that difference and it won't be seen on the street at all.
So its up to you... If the 1198S were the same price as the 848... thats a no brainer. But if it was between a base 1098/1198 vs 848... Umm, save the money, the fuel and the clutch wear and tear, buy an 848.