Lotus, your points are for the most part technically correct, but let me address some issues here:
The features that the I-PAC has but the Keywhiz doesn't are:
Keeps its programming after power off
True, but if you want to use a non-standard codeset with the KeyWiz, you can just load the codeset from software during boot-up.
Transparent keyboard pass-through
True, but the current KeyWiz has a switched pass-through, and you can get the same effect by using a USB or wireless keyboard.
Shift function which doesnt need a dedicated shift button
Actually, the KeyWiz has a much more versatile shift function than the I-PAC. You can use a separate button, access shifted functions from a single button (can be done with the I-PAC also, but the wiring is more involved, and I'm not sure if you can wire up multiple buttons this way), or can even work similarly to the way the I-PAC does, see
http://www.fraggersxtreme.com/arcadepanels/encoder/shiftkeys.htm for details.
Possibly easier to wire if you have a standard panel owing to simpler markings
This also is debateable. See
http://www.arcadecontrols.org/yabbse/index.php?board=1;action=display;threadid=13945 where I had to explain that you could wire a Pause button to P1B8. And I can't tell you how many posts there been asking what games needed 8 buttons per player just b/c the I-PAC was labelled that way. And we won't get into if you start using the P1B7 input as Coin1 b/c it makes the flashing LED's less annoying.
For the inexperienced, the I-PAC labelling is better. When you get more advanced, I kinda like the MK64, where I have Input 00, Input 01, etc., and it's up to me to decide what each input should be and what button I want to connect to it. The KeyWiz is somewhere in the middle of these extremes, which is a pretty good compromise also.
USB option.
Yes the I-PAC supports USB. No, the other encoders do not. And I'll grant that for the majority of users the I-PAC does fine in USB mode. That said, there isn't a week that goes by that I don't see a new post about I-PAC problems and the usual response being "Are you using USB mode?, Change the transfer rate, or use PS/2 mode, etc."
Supports panel LEDs
Supports low intensity LED's (without a separate driver board), and the LED's will flash whenever Button 7 or Button 8 are pressed. But yes, it's a feature of the I-PAC and MK64 and not the KeyWiz.
The features the Keywhiz has which the I-PAC doesnt are:
Cheaper
4 more inputs and a dedicated shift button input
Yeah, you left a lot out, but I think RandyT and I already covered these elsewhere.