The ceramic model is more accurate, providing you get one with a nicely centered pearl. The 16610 BK offers is probably as accurate, maybe more so. It's $600+ though.
I prefer the ceramic model for the following reasons:
1. I like the bigger case
2. The bracelet has solid midlinks which makes it sturdier and heavier.
3. The new clasp is better because you can easily make microadjustments
4. The Maxi dial makes it easier to read the time (for me)
5. Blue lume is cooler than green lume
ReplicaMake's Ceramic Sub has pretty good lume OTB
I don't know if Rolex will discontinue the older model. The ceramic is more expensive so maybe.