I'm glad I ran into this vs thread. Now that it is 2007, I can confidently give an accurate analysis on both. In 2004 when both came out, anyone would agree that when both are compared stock, the wrath is the superior for its speed. Both were amazingly consistant for thier price tag, but the wrath had the upper hand on this one.
But as upgrades came along for both, the ion definately came out the winner. Just putting an upgrade trigger ont eh ion that does not have the stubborn magnet tension that the stock trigger has makes it feel like shooting a high end. The wrath fully upgraded is a nice marker to shoot, but the excessive kick feel would make it a less favorable marker to most since size and weight(givin it is already really consistant) is the deciding factor to most any more. The ion has the potential to shoot like any high end, and is currently one of the fastest markers to shoot with paint. And he ion is alot like shooting the shocker int eh sense that is has no bulky reg in the front which allow for the user to put his/her hands under barrel for a tighter and smaller profile agianst a bunker.
So when compared stock, wrath>ion, upgraded and overall, ion>wrath.