I do prefer the 226 to the 225. For the price, I want to get as much use out of the bag as possible, and the fact that the 226 fits just a bit more (most notably, sunglasses), makes it much more versatile for me. Also, I'm 5'6 so I feel like the 226 fits my frame a little better. But if it was just going to be a bag for cocktail parties and fancy dinners, I would consider the 225.
I do love the distressed leather! I find that again, it makes the bag so versatile. My black 226 can go from cocktail party attire to jeans and a leather jacket. The leather is also really durable so I don't feel like I have to constantly worry about it or baby it when I'm wearing it. My blue 227 got rained on the very first time I wore it and you'd never know!
I typically like small bags, but I agree that the 226 size can be more versatile. Thanks for the info on the distressed leather, very helpful!