Probably the version with the 1TB.
If you are considering the base processor, RAM, and GPU, and you are willing to consider the 512GB size, Micro Center has had some refurbs for like $1,500...which is a super solid discount. It's a helluvalotta computer for $1,500, and even the base configuration is a very capable device.
If you are using external displays, there are some caveats with the 16-inch models using the 5300M and 5500M GPUs - they tend to get very hot and can make considerable fan noise, especially if using a display while the laptop is open due to their power consumption. The 5600M GPU does not have this issue.
Overall, I think now is a great time to buy these, but I am biased towards buying established systems rather than being first adopters of new technology. The properties of this design is known and so far it's showing itself to be very reliable. Like all systems, they have some bugs and annoyances, but the good vastly outweighs the bad. The biggest issue is the one with respect to external displays.
If this system gets updated in the short term, I think it might be only a minor update given it was not included in the Apple Silicon event, Intel's 10th gen CPUs yields only a marginal gain over the current 9th gen, AMD has not publicly announced mobile GPUs to replace the current 5XXX series in the MBP 16, and the 5600M GPU with HBM2 is a special GPU made exclusively for the MBP 16 that was released only about 4 months ago. Of course no one can predict Apple's behavior so that is only my guess.