With the enterprise edition, you can use replication server or the parallel server options. I believe this is the major difference.
The other obvious difference is the price.
Metalink document 74247.1 addresses the differences between Oracle 8 and Oracle 8 EE. Basically lfoata is right - some of the more advanced features, such as parallel server and partitioning, require EE. If you don't need the extra features, it may be worthwhile to downgrade and save the license fee.
Thanks (so far). We have the license for standard only right now. We don't have the hardware to implement replication and are planning (right now) to do standby Db.
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