I'll summarize some things I say in that long Rotary Joystick thread. I started with an IPAC4, then switched to the GPWiz40 for the added rotary support for TinStar and Frontline.
Other than the rotary support, there was very little functional difference between the two. The are very similar to hook up (screw terminals on both) and they both operate very similarly. Hooked up and functioning, they act exactly the same and I wouldn't be able to tell the two apart if I had to guess.
All that in mind, here's some things to consider:
1. If you need more than 40 inputs, go with an IPAC4.
2. The GPWiz is seen as a gamepad by your computer, which, for some emulators which prefer keyboard input, is not as functional. You can get around this by running joy2key, which is what I do, but it's another app you've got to have running on your system.
3. If you want rotary support, the GPWiz is the far cheaper solution. An IPAC+Rotary interface will cost you around 100 bucks. You get both in a nice package for $36 with the GPwiz. However, as jardine states, if you have Happ Rotatry joysticks, you've got to cut off the nice wiring harness and connect each of the 12 rotary wires individually to the GPWiz. Not an tremendous issue, but it's a lot more complicated than just plugging the harness into the Ultimarc interface. Also remember, you get rotary support for Tin Star, Frontline, Wild Western, and Sherriff ONLY on the GPWiz (Ultimarc's interface doesn't support them).