One advantage I can see in the 205 is it's two shift rails. You could fab up a twin stick shifter for 2wd low, also being able to shift from 4wd to 2wd while in low range is nice. I had a Willys with the Dana 18 transfer case, it was pretty sweet having all the gear options.
On the other hand, the low range in the 205 isn't as low as the 241, if that matters.