In terms of formula, Lorac's shadow is definitely more pigmented but the Wet & Wild shade is buildable. The base of the shadows is a very dark purple/charcoal color with purple glitter. Because of the glitter, both shadows have a lot of fall-out if you don't tap the brush before applying. The Lorac shadow has quite a bit more of the purple glitter than the other and is really buttery (more so than UD shadows). I actually think that this particular Lorac Palette has the most pigmented buttery shadows of any I've tried.
The Wet & Wild shadow's in general don't always apply evenly but are one of my favorite powder shadows at the drugstore. This particular shade definitely doesn't have the same butter texture and is a little powdery feeling. This shade is just a little more charcoal color than the Lorac shadow but once applied to the eye it is almost impossible to tell. After rubbing my arm the glitter had pretty much been removed and what was left of both shadows was identical.
In summary, this is a great duplicate but I definitely prefer the formula of the Lorac shadow.