Chris, I've got the STi RA V-Ltd and Squirrel has the 555 Limited and know the differences between these two cars.
1 - 555 - This is always an STi spec but can come in RA or non RA versions?
the 555 is not a RA so won't come in the RA spec
2 - V-Limited - Same as above?
IMO the words "V-Limited" get used in the wrong context a lot.
My understanding is that "V-Limited" is used to describe the STi RA commerative edition that was released in '96, has the signed Colin McRae seats and unique paint code (Saltire Blue).
V-Ltd is specific to the RA spec.
3 - STi Type-RA - I know that there are options on all of the above cars but what are the staple items, ie DCCD, Roof Vent, Quickrack, short gearing ratio etc etc?
staple items are DCCD, roof vent, quick rack steering, short shift gearbox, black wing mirrors, alloy panels, 5th injector.
optional items out the factory are electric windows, central locking, folding mirrors, rear wash wipe.
the confusing is that the 555 also comes with a roof vent as standard, making it hard to identify it from the RA V-Ltd
4 - What MPG should you expect in average driving around town?
i get between 20-30 MPG but I'm very light on the throttle and happy to pootle about town at 4000 revs listening to the engine
5 - What is the pick of the bunch model wise, i've had a bugeye WRX and i'm looking for something quicker, rawer but not OTT looking.... like the look of the 555 like Gus' but really want the shorter gearing etc.....
my choice would be the STi RA V-Ltd []
Must admit that Squirrel prefers to drive my car too - the steering and gearing sell it for him.
6th and last - I'm looking for one of the above, obviously age defines itself but i want a nice clean, standard car with no more than about 65k miles.. what budget should i be looking at?
you'll be struggling to find one at that mileage. Both the cars were produced in '96 and you'll need to find one that has not been driven much to get that mileage (think mine has done 120k miles and was looked after by previous owner)
HTH