Ford vs. Chevy, Remington vs. Winchester, 270 vs. 30-06.... Your quandry, Kawa vs. Honda, is quite a bit like those eternal questions; a matter of pesonal needs/tastes.
I'm a very happy Honda owner, a Foreman 450 S 4x4. It's a rock solid, utilitarian quad that's damn near as reliable as the rising sun. That's really it's strong suit, reliability. Mine has over 4000 miles and has only had one non-wear item replaced, a CDI box that cost $80. Other than that it's fluids at regular intervals, brakes every now and again, and bearings every 2-3k miles. Hard to fault that IMO.
But, it's a solid rear axle bike. The IRS bikes (like the new Kawasakis) will ride smoother and traverse terrain that would further hinder a solid axled quad due to the higher ground clearance. The only downside to the IRS is the higher center of gravity (somewhat more prone to tipping) and GC when pulling a trailer (load squats rear suspension and lowers GC). Each suspension has it's advantages and no matter which you choose there will be days you wish you had the other.
Kawasaki only makes one 4x4 with IRS, the Brute Force 750. Honda's big bore model, the Rincon 650, is also IRS. Honda's Rubicon 500, Foreman 450/400, and Ranchers are solid axled but to compare them head to head with the Brute Force is skewed. Things being as they are, I'll compare the Rincon to the Brute force.
The Rincon and the Brute Force couldn't be much more different. The brute force is a 750cc v-twin with a CVT transmission that is (from what I hear) a true powerhouse. Raw power is it's trademark. I've ridden Prairie 650/700s, the origin of this powerplant, and they are nothing short of amazing. The BF has about the same GC as the Rincon, about 10" so that's not a push. The big gain for the BF is the addition of the locking front differential and the low range gear. This makes for a BIG advantage in tough terrain and for more serious work.
The Rincon on the other hand, has a much more manageable power delivery due to it's automotive style 3 speed tranny. It's (rincon) fast too, but the HP numbers are far from the Kawa v-twins. Honda fanatics will tout the tranny as being better due to it's waterproof design and no drive belts to contend with. Any quad owner with a CVT tranny who does deep water crossings may agree with that, the average owner may see no difference. What the Rincon doesn't have is a low range. Large mud tires (27"+) can be problematic in some situations due to the higher gearing. Again, the average owner may see no difference here.
If I were to buy one of these bikes tomorrow it'd be the Honda hands down. Despite the lesser performance compared to the BF, it's still a 650cc quad. Though behind in it's class, it's NOT suffering for power. The real advantage is the Honda name (remember reliability?) coupled with the BF being a first year quad this year. After seeing them get the bugs out the competion could be closer next year IMO. Unless you are getting into extreme terrain (mudding, rock crawling) where the low range and locking front diff. come into their own, the Rincon wouldn't leave you wanting IMO.
Then again, I'm an obviously biased Honda owner.... We're all that way (grin).