7200.8 and .9 denotes different generations of Seagate's hard drives. The higher the number, the newer the generation (and usually, faster performance). The difference between SATA and SATA II is really with its featureset. Its rather confusing at this point, as some SATA II drives operate at the original 150MB\s rate, but offer NCQ (Native Commande Queing), Hot Plug Aware, etc. Others can say that they are SATA 3G which can mean that they are 300MB\s, but not offer support for SATA II features.
Also remember that the rate at which the drives operate (150MB\s, 300MB\s) does NOT mean that the drives will always run at this speed (some people get confused about this, so I thought I should mention it). It is simply a ceiling of how fast the drives can THEORETICALLY operate.