I think I would go for the one without the studs. Is it sugar leather?? I think the texture may be easier to take care of as well. Both are terrific! Good luck!
The one with the studs definitely has more personality than the first one. Not sure what the anatomy of the inside looks like or if the closures are the same, but that's also something to consider. You can dress up #2 more? I'd go with that one!
I love the first one - I had the same dilemma. I went for the plain (but in grey) as I had been looking for a small special grey bag for ages. Depends what your after - if you want something more classic go for the plain but if you are after something a bit more edgy try the studded one!
Goat leather is sometimes referred to as sugar leather (because of the grainy look?) in reference to Givenchy. HTH
The goat leather seems more durable than the one with studs which has a smoother look to the leather. But if you really like the studs go for that one! Depends on your style