The SN5428 is slated for end of sales as of June 30, 2005. So, if you want one, you will need to get your order in very quickly.
On the tech side, the 9216i is much easier to manage because the command line is just like IOS and there is a great GUI management tool as well. The FCIP capabilities are exactly what you need based upon your description. You can run two FCIP tunnels each from a gigE port to the other side to give you redundancy in a portChannel. However, it is more expensive and you will need a san-extension license as well for the FCIP. But then, out of the box, you will have 14 fibre channel ports and an expansion slot for another blade, depending on your needs. And you can run the iscsi to the same ports.
This capability of running a redundant FCIP connection and iscsi at the same time is not true in the 5428. You would have to use one port for FCIP and one for iscsi.