Ok did some testing, and here are my results. First I want to mention, that for those of you who have read my reviews know that I like to push these tests to the limit. I choose to test this way because I get quicker results, and I'm not a patient person.
I bought a package of 5 bit's, one from ®Milwaukee, and one from ®Dewalt. Models are;
2" ®DEWALT DW2022IR5 5pc Impact Ready™ #2 Phillips Bit Tip.
2" ®Milwaukee 48-32-4602 5pc ShockWave™ #2 Phillips Bit Tip.
Both 5pc packages retail for $5.97.
I started off using engineered materials. This way I could speed up the breaking process, waste less time, and get more consistent results. I used 9 1/2"x 1 7/8" LVL material. I used ®GripRite 3" exterior screws.
So how does ShockWave™ technology work?What does ®Dewalt say about Impact Ready™ bits?Here is a sample video of the testing done by me. I zoomed in close, and shot in HD, this way you can hopefully see everything that's going on. Make sure you adjust your settings if you want to view the video in HD. Also make sure you crank your volume!
As you can see from the video, the ShockWave™ bit's did not hold up very long. On average I was only able to get around 12 screws per bit. I never actually broke a ®Milwaukee bit because the tips simply gave out. They didn't wear down, they simply bent over. See the pictures below.
With ®Dewalt Impact Ready™ bit's I got on average of 25 screws before each bit broke. I did have one rouge bit that surpassed 25 screws, and never broke. I got 32 screws before the tip simply wore down much like the ®Milwaukee bits. The other 4 snapped off.
New ®Dewalt and ®Milwaukee Tips.
®Milwaukee ShockWave™ bit after 12 screws.


®Dewalt Impact Ready™ Bits after 12 Screws.

®Dewalt Impact Ready™ bits after 25 Screws.

In my opinion ®Milwaukee bits need a stronger tip. I don't believe the ShockWave™ technology works, and if it does actually work, then the weak sauce tips are the problem. I've used cheap no-name bits in the past, and seen this type of bit wear. I highly doubt these bit's are made of premium materials. Enough complaining~ I did manage to find one thing I liked about these bits, and that was fact that they are magnetic.
The ®Dewalt Impact Ready™ tips held up much better! If I was a consumer shopping the aisles and I was shopping simply by appearance, ®Milwaukee has it hands down. The bits look cool, and that's about it.