As M4H noted, FSAA != AF.
FSAA = full-scene anti-aliasing. This mainly refers to smoothing "jagged" or "stair-stepped" lines. I'm actually not sure if the multi-sample AA found in current consumer 3D cards is actually "full-scene," as it doesn't affect everything in view--just polygon edges. Older, slower super-sample AA was actually full-scene, as it rendered everything at a higher resolution, then down-sampled that to the screen res.
AF = anisotropic filtering. This basically refers to rendering textures not perpendicular to the camera with more detail. I don't think you'll see a huge difference between 16x and 8x AF, especially with the adaptive/restricted methods nV and ATi use to apply AF. Currently, the AF level you set is just the maximum AF applied to textures at certain angles; most of the rest of the screen textures have lower levels of AF applied. You can see the actual difference between 16xAF and 8xAF on ATi cards by looking for older reviews (your best bet is probably those of the 8500 or 9700 Pro at release) with Serious Sam or Quake 3 screenshots with colored MIP-map levels, to make it easy to see the technical difference. Whether you'll notice the difference in-game, I don't have enough experience switching between the two to say for sure.