The SD2IEC does not have a parallel port nor does it interface with the Ramlink.
The SD2IEC does not support external SCSI Devices.
The SD2IEC does not support REL files in disk images and only partially supports them natively.
The SD2IEC is not as compatible/integrated with GEOS thanks to the CMD patches that will not work with SD2IEC devices.
The SD2IEC does not support 1541/71/81 partition emulation, though it does support disk images so that is almost as good with a few compatibility exceptions apparently.
The SD2IEC does not have a swap drive number button.
I am sure I missed other things too but just in a nutshell those are the major differences. If you don't need any of those things and only are interested in mass storage with CMD command support and disk image support, then SD2IEC is a great device, don't get me wrong. But if you want or need any of the above then a CMD HD is a better choice.
Then there is a the cool factor as using CMD devices is a pretty fun thing as are the physical devices integrated into your setup.