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I'm on my third 7 series and, for me, the V8 versus V6 choice has always been about the options rather than the engine. The 740i is considered a base model for BMW and generally comes with less options, which are standard on the V8 model.
I haven't compared the 740i to the 760i in a while, but generally you don't get real leather (or it's a cheaper leather), no integral active steering, no front ventilated seats, no xDrive, etc.. Some options are available to add-on, but not all. If you compare the cost of optioning everything similarly, it's not much different to the V8 version.
Long term, the V8 isn't terrible. The early N63 engine on the 7 series was a headache, but they've fixed most of the issues long ago and the G70 uses an evolution of that engine. The worst design flaw on the last N63 revision was the coolant reservoir leaking into the injector/plug chamber causing failed injectors. Not sure if that's still a problem since I own the i7. My experience with BMW V8s has been that they benefit from new injectors/plugs/coils around 60k miles. You'll want to keep up on regular maintenance like filter and oil changes or you're asking for gummed up oil lines. There's a regular coolant and brake fluid interval and I'd probably recommend thinking about a transmission oil change earlier than the 'lifetime' recommendation (which is 100k miles), along with the transfer case and differential fluids.
Depending on gas in your area, you'll likely need a new fuel filter (which is integrated into the pump these days) by 70k or so miles. Otherwise, you may just get a few random things that need attention, but I'd avoid keeping above 100k miles since the V8s need to be dropped to do stuff like cleaning the valves and it can be very pricey. You'll also get random stuff starting to go like oil cooler lines.
If you buy at fairly low mileage, I wouldn't worry about it and just focus on the options you really want. If you don't work on your own car, it may also be a good idea to opt for extended warranties and pre-paid maintenance packages. I'd still say it's cheaper to own than any of its German competitors.
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