Since I actually own both scanners, perhaps I can answer your question with something other than speculation...
The 162 (I have 2 and gave another away) blows the 107 (I have 1) away when it comes to the display, but I have never been a fan of the GRE-style displays, even though the majority of my scanners are RS or GRE. The 107 is dead simple to operate, and given the target market there is little learning curve to speak of. And you save a few bucks not having to buy programming software.
Performance wise, I would give the edge to the 162, but only slightly. Sensitivity seems to be about equal, but my local systems are strong anyway, and I do not use my handhelds to attempt to listen to EDACS systems 60 miles distant.
Both are *great* scanners, and entirely different.
The 107 is smaller, lighter, and great to stick in your pocket when wandering about town. I would think if you travel much, it would be a no-brainer in choosing the 107, given it's ease of programming. My old ears tell me the 162 sounds a little better when in your pocket, but an external speaker seems to equal them out.
If I had to pick only one, I would probably stick with the 162, but I am old-skool, and also the last 162 I bought was a practically new in the box from eBay for $75. My 80 year old father is having a blast with the 107 I gave him, and my kids seem to prefer snatching the 107 up when they want to listen in.