Glad you posted this, Grunts; I was going to post it myself.
I have owned 6, 8 and 10 lug snares. The shell is allowed to resonate more freely with fewer lugs (less mass attached to the shell) but each lug carries more responsibility to keep tension even across the drumhead, and slight variations and movements of a tension rod will have more effect on the tension and tone of the head. I find that drums with more lugs have generally wider tuning ranges (higher highs, lower lows), but my 8 lug snare covers plenty of tonal range in my opinion.
But the practical difference between 8 and 10 lug snares isn't so great as to completely rule one or the other out for 95% of drummers. I play both on gigs and recordings with no worries, and I have not had issues getting the sounds I want with either type of drum.
EDIT: My first snare drum was a 6-lug Pioneer similar to the one in the Sounds Like A Drum video. It was a fantastic drum and I have been on the hunt for a replacement practically since the morning after I (stupidly) sold it.