Having used both 12" and 16" at a dark site I'd say yes, there is a noticeable difference between them on DSOs. As to the quality of the old 16" Meade mirrors I cannot say but the actual telescopes I have seen are (extremely heavy) junk.
If you can get it for a good price and put the optics in a truss dob the mirror should be good enough for DSOs at least.
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