After playing both pedals it is clear that the Iron Cobra "wins' in a versus match, but for the price the Iron Cobra Jr pedal easily holds its own. They both play nice, however the Iron Cobra is quite a bit more robust and has many more adjustable features. Practically everything on the pedal is adjustable, giving you the opportunity to completely customize it the way you like it.
If you are a newer drummer, are low on dough, or just need a great backup pedal, I would definitely recommend that you check out the HP200 Iron Cobra Jr pedal. If you are a more serious drummer, have the cash, or are looking for a main pedal, then splurge and get the Iron Cobra - I think you'll like it.
(Click the pedal below for more info at Musician's Friend)