I have a V12 W140 and it is a fantastic car.
I would try and buy a later one 1998 is perfect as most issues were pretty much sorted by then. I have done 4000 miles this year as I do not use it for commuting!
Fuel consuption is 23-24mpg on A road/motorway driving.
Mine has needed 2 coil packs this year at £40 each bosch. Apart from that it has cost me only a service and fuel.
All the above advice is sound, but do not let it put you off.
I also have a 500SL and the V12 engine is in a different league.....generally people who put you off a V12 have never owned one.
You have been very fortunate with yours compared to others that I know of but even then, that car was not without expensive repairs prior to you buying it.
There is no dispute that the engines is a very smooth one, but the overall comparison should be in the driving experience and running the cars (noting also that there are huge differences between the driving experience between a C140 and a R129, irrespective of engine size).
The question for the original poster is: what do you want from the car. Drive them and see but I will be surprised if you think there is a massive difference between an S500 and an S600 coupe in the performance, driving experience or general overall experience. The comparison is not a C180 to an S600 - I would be interested to know what exactly an S500 is truely lacking to an S600 to offset the maintenance issues, cost and relative unreliabilty of the V12.
I may not be an owner of a Mercedes V12 (although have owned a BMW v12) but I have driven enough of them to make, I submit, an informed comparison to an S500 and four times in a row, I have gone for the V8.
You are also looking at a much older car than SL300-24's so there is much higher likelihood of something expensive going wrong.
In my years of owning the uberbarges, I have not had any Mercedes mechanic recommend the V12 over the V8 (in fact, it has been the contrary); various specialists have also advocated the V8 cars over the V12's and across the forums you will (overall) find the same recommendations.
SL300-24 advocates the V12; I recommend the V8 so up to you to drive both, do some research, find out repair costs and make an informed decision.
A certain respected company informed me that in their opinion, while the V12's cars had excellent performance, the V8 cars (in CL, S and SL guise) were the better package overall and more reliable. That company is AMG.
I am not going to disagree with them.
BTW, if you want a smooth engine, try an LS400.