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What to look for?

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Hi, I have recently completed a taught MSc in applied mathematics and am looking to go on to do a PhD in the field of mathematical biology. There seem to be a number of opportunities in this field including the many 1+3 systems biology DTCs around the country, overall though I would rather stay within a mathematics department with a more maths-centric project. That being the case I am not sure what I should be aiming for - for instance I have seen some incredibly interesting, promising and well funded projects (often with links to industry) within relatively small mathematics departments that aren't highly placed in the RAE rankings and seem to have newer maths bio groups. On the other hand there are some very well established mathematical biology groups out there in larger departments that have much more competitive and lower funding, with often more modest seeming project proposals. Which approach will give me the better prospects?

Additionally, in terms of post-PhD prospects what makes the most difference - the publications you've produced, the research quality/RAE of your group, the reputation of your supervisor or is something else the most important factor?

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