1. I don't think there is any definitive answer to which exam is tougher but let me share some stats that we have collected. The average real exam score for OCAJP 8 as reported by around 365 candidates to us is 88%, while the same for OCAJP 7 as reported by around 1100 candidates is 86%. As you can see the difference is not really significant and that indicates that there is no significant difference in their toughness.
2. There are several reasons for a candidate taking the old exam, the main one that we have observed is the free availability of books. Usually, certification books are of little use after a reader passes the exam. So such copies gets passed on from person to person. The second reason is the current job profile of the candidate. Sometimes, companies using a particular version of
Java, require team members to be certified for that version.
Oracle probably just keeps the old versions of the exam alive to encash the demand.
If you don't have any such constraints,
you should go for the most recent version.
HTH,
Paul.