I have actually owned both the 206 and a 197. As far as the wakes are concerned, I feel that the 197 was hands down better and as good as any boat I have skied behind. There will be a bit of debate on that statement but mine had a 1:1 transmission and I feel that it's wake was significantly better than any of the TT boats. The 206 wake felt large/firm at -15 and -22, but was awesome at -28 and shorter.
For clarification, I have skied both of these boats from 30 mph @-15 through 36 mph @-35.
As for the open bow, the 197 is merely a glorified water shovel with anyone in the bow.