I've been running for a group that's 8-9 players (if everyone is able to attend) for about 6 years now.
As a general rule of thumb, every additional 2 PCs over the assumed D&D baseline of 4 PCs raises the effective party level by 1. So, if you've got 8, they are, generally, as capable as a group of PCs 2 levels higher than they actually are.
But, don't apply that rule blindly. Each individual PC is still at his "real" level, and, especially when you're just starting out, tougher monsters may wipe out some of the PCs, even if the party as a whole winds up triumphant.
Combats tend to work better if you throw them against a large number of lower-CR opponents, rather than 1 or 2 big guys. The larger number of opponents ensures that everyone will be kept busy, and one BBEG, esp. if you're raising the EL to compensate for 8 players, has a good chance of easily killing a few PCs before he drops. (Then again, maybe that's what you want...

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Managing the table gets tougher when you've got that many players. As you've got more players who aren't doing something at any particular moment, you often wind up with more table-talk and extraneous activities going on (even during combat).