I have a 558. The "R" only means it comes with the pocketwizard module, which I got for mine anyway, for $20.
I can turn lights "on and off" from my meter, so if i want to meter the background light without the main and fill firing, I can do that. Look at an image of the 558, and you'll see the buttons on the front have a, b, c, and d markings on them. That's what those letters mean.
Only reason I can see to buy the 758 is if you are really anal about dynamic range. I'm sure it works, and like anything else sekonic makes, works very well, but I don't feel the need at all to upgrade to the 758. Though if I didn't have a meter at all, I'd at least consider it.