I bought a 97 challenger 1800 last year (twin rotax engines). Its a blast to drive. You can go full speed (around 50 on GPS, or 63 on the unrealistic gauge) and cut the wheel to "spin out" and slide sideways... its fun to do especially because your passengers aren't expecting that from an 18 foot boat. Docking isn't hard... you will catch on quickly to how she reacts and shouldn't have a problem.
The acceleration is better on a ski, but its not bad. It really is fun to drive. You can "carve" back and forth on the water and let the rear end slide out as youre doing it, kinda like power sliding. You can also get it completely out of the water when you hit some big wake.
Challenger 1800 vs Speedster.... I wanted to be able to take a few of my friends out and be comfortable with room to move around, so i got the 1800. I was considering a 16 foot 98 Speedster (the seating was 2+2+1 in bow that year), but ended up with the 1800 and love it. I'm a big guy (300 lbs), but with the 1800 I was able to go out with my girlfriend, another couple, and a friend. I'm sure the 16 foot would have been over the weight limit with that crew.
Keep in mind you can't just compare "challenger" vs "speedster" vs "sportster"... because SeaDoo did a few different things and styles of the boats depending on the year (Speedster was 14 foot with 4 seats in 96 but it was 16.5 foot with 5 seats in a completely different arrangement in 98... etc). Not to mention the "1800" models. Another thing to note is the ride quality of the bigger boat... it doesnt bounce around as much as the smaller lighter ones. My uncle's neighbor refused to ride in her husband's 14 foot speedster because it hurt her back (so he eventually had to sell it), but she didn't have a problem in my 18 foot since its heavier and takes the waves and chop easier.
As for Mercury vs Rotax... the general consensus is: Mercury is more reliable but more expensive to fix when something goes wrong... Rotax is less reliable but less expensive to work on. I knew NOTHING about engines (i never even changed my car's oil myself), but I did a rebuild on one of my engines when it lost compression last summer... this forum is a GREAT resource and will help you out a lot if you need it. But there don't seem to be too many Merc experts hanging around here (although i'm sure there are a few)
Like the good Doctor said, its not going to drive exactly like a jet ski. But it can do things that conventional drive boats cant do, and is a blast to drive.