Also torn about 16 vs 32 GB.
A few thoughts I haven't seen mentioned upthread.
(1) 32GB Pro: allows for ~3x memory for apps - if you expect 6-8GB overhead from system and graphics then you're going from 8-10GB free after overhead to 24-26GB. So it's more than "double".
(2) 16GB Pro: It's still not completely clear how memory pressure will affect user experience on devices with these kinds of crazily high memory and ssd speeds. It's hard to justify the extra cash if the actual impact of high memory pressure doesn't noticeably impact user experience.
EDIT: Max Tech video linked above appears to show lower than expected hit to user experience when memory pressure is high. Was leaning towards 32GB, but this has me confused again ?
I don't know if it helps, but I have been doing a lot of research on this for the past few days because of buyer's regret on purchasing a 16GB RAM model (my 32GB preorder was 1 month away and my local store had this one in stock).
Personally, I think when the Memory Pressure is at yellow, I don't notice the difference. In fact, I only notice it because lately I have been obsessed at looking at Activity Monitor due to paranoia. Even when it's yellow, there is a chance that it could be new to memory leaks - which I recently discovered was common with the new Mac OS Monterey.
After some thought, 32GB RAM does make sense for some people - I personally wouldn't mind forking out $800 to get the Max and 32GB RAM just for the peace of mind.
16GB RAM also has advantages too - given that you will be on M1 Pro with this configuration, you will have 2 hours of improved battery life, it weighs less (albeit half a pound), and saves you a bit of money. To be honest, if you aren't a busy video editor or engineer using RAM heavy apps, you could probably always get away with just closing down apps whenever you occasionally video edit.
There is an argument for future proofing, ie. apps will probably take more and more RAM. To use the adage "16GB is the new 8GB", there are people who get away with using 8GB RAM even in 2021 - that is, no significant performance hits but hitting higher swap rates. Now, if that is the case, 2021 would be a great year for them to upgrade to higher RAM, but it goes to show that it is possible to survive for 5 years.
To summarise, I haven't made my mind whether I have made the right call, but just summarising some thoughts I had whilst I have been reading both sides of the argument.