The Venus II thread in the pattern forum contains a trove of information:

http://www.rcuniverse.com/forum/m_39...page_35/tm.htm

As to whether or not the Venus II would be the best "first" pattern plane to go with, I think that really depends on how much building/assembly/setup experience you have. The Venus II isn't supposed to be overly complicated, but you'll want to do a few ARFs before tackling a project like the Venus II. With a Great Planes ARF, however, you're always guaranteed to get great instructions and great customer service if you do get stuck while assembling the plane.

There are plenty of great engines that should fly the Venus II well. The Venus II thread details the experiences of dozens of other modellers who built and flew the Venus II. I'd recommend taking the time to read all 866 posts if you're really interested in trying the Venus II.

Bigger planes are nice if you have the money and hauling capacity for them. You seem to be wondering if a Venus 40 would be just as good as a first pattern plane, gaRCfield. That all depends on if you're looking for a plane to learn and practice with, or if you're looking for a plane to compete with.

The Venus II would display better during competition. It would also likely be more stable if you're competing in windy conditions because of its greater size and weight. A Venus 40 would be just as capable for learning and practicing with, however, and it would be a lot more economical to outfit and run. Forgetting the much lower cost of the airframe, suitable radio equipment, and suitable engine, just the fuel cost difference between running a .55 AX and a 1.20 AX would be substantial. Pattern pilots practice a lot, and running big engines, especially on high nitro fuel, will add up quickly.

A Venus .40 ARF with standard servos and a .55 AX or Saito .72/.82 would be a terrific plane for learning pattern flying, practicing pattern flying, and competing at pattern contests at the Sportsman level. If you won at the Sportsman level with your Venus .40 then wanted to move up to Intermediate, that would then be the time to go ahead and invest in a larger airframe.

A Phoenix Models SeaBee .46 ARF ($109.99) with a JBA .56 2-stroke ($79.99) and a Hitec Laser 4 or Airtronics VG400 radio w/ extra servo and Y connector ($135) would be just as capable for training and practicing pattern flying. You don't need to spend a lot of money until you start competing in contests, and even then you can compete in Sportsman class with a very modestly priced setup.