I have a cobra 7.5M a 2004 model which is a dave picton built cobra (built in wales), very happy with it bought it second hand and did it up somewhat. Positives and negatives in my humble opinion below. (my 2004 model)
Good looking rib
Plenty of storage
Handles most conditions (better than I do anyway)
Great for a blast and to relax on, the bow locker cushions great to relax on and read a book laying flat with head on tubes.
Good access to console from front and back which makes upgrading electronics etc easy.
Good fuel capacity.
A Frame, good design means you can easily step around and over to access rear step from transom (good for accessing bathing ladder etc)
Lots off grab rails, which really do give you a more confident feeling of safety.
Seating good and I love the bolster seating.
Good visibility and wind protection.
Quick enouth 40 to 46 knots with a 200hp yamaha 2 stroke in my case.
Good handling, no chine creep or excess in handling terms.
Decent re sale values if looked after.
Over use of self tappers in lockers, I have replaced as many as practicle with nuts and bolts.
Cobra now in christchurch expensive in terms of any aftermarket stuff needed, things like new seat apolstraphy (cant spell it) etc, cheaper to find alternative sources for stuff which there are many.
I do at times feel it can have a hardish ride dependant upon weather conditions, does seem to slam a tad but again depends upon the conditions as most would anyway.
Overall a decent rib, fun, friendly and lots around. (one day this year at studland, 8 ribs anchored across the bay and 5 were cobras (4 7.5m and 1 6.6M)
You should also download and read carefully the report into the "Milly" incident in padstow if your looking for a few year old 8m version as there were some suggestions the hull design changes may have had a contributing factor to the incident.
Same as you if I had more funds I would go for a scorpion rib, im looking for an older scorpion rib I can do up for the future. That said I do really enjoy my cobra, i get plenty of use from it and its perfect for around the solent, cant really go wrong.