Just wanted to add in my 2 cents.
I'm not going to speak about dps parses or anything just my personal experience leveling an alt and having used an IFS and PB.
I originally was looking for IFS/PB for a few days whatever I could get a deal on.
I originally bought an IFS and found I would get myself into difficult situations with the longer delay. At level 20 a max hit (or max double attack) from PB or IFS is going to take a HUGE chunk of the mob's life. Since I was pulling relatively often trying to use bandage/mend I was usually pulling at 50% or 75% hp, I never would pull at 100% hp. So I could kill a blue and take very minimal damage, or get a few unlucky misses and end up taking a lot more damage than I expected. Taking that extra damage and having the mob not flee (if FD fails) could lead to trouble.
After a few deaths - I know I may be bad or impatient but I was disappointed. I ended up finding someone and threw in a few plat to trade IFS for PB. I found that the same issues could arise (especially when pulling white, high blue mobs) but it happened to a lesser extent and my fights were more consistent.
Note - Jade mace is much better until level 20 and you can get two cheaper (I tried keeping 1hand/2hand maxed in the mean time but there is a big differance). Also I didn't consider weight too much because I have some decent twink gear (tink bags and such).
TLDR: I prefer PB while leveling my monk alt.
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