I own a '94 ProStar 205 and used to own a '01 Malibu Sportster so I'm actually pretty familiar with two of the boats you are looking at. Here are my two cents:
1) The wake, believe it or not, is better on the 205. It's bigger than the Sportster at longer line lengths and slower speeds, but much better at shortline, although at 38 and beyond you'll have side spray issues. The Sportster's wake is small, but quite hard.
2) The 205 is wider by a few inches and the open bow much more usable, so if room is of concern to you, the 205 should be your choice. The Sportster is really quite small.
3) The Sportster is an absolute blast to drive. Think sportscar on the water. The 205 is probably more like an Oldsmobile Cutlass.
All that being said, the newer Sportster is probably the best bet, especially since you say you aren't too picky about the wakes and your kids will appreciate the Sportster's smaller wakes at slower speeds.