hi
The difference is that a PIX was designed ground-up to be a firewall and uses an Adaptive Security Algorithm as well as layer 4 inspection "fixup".
IOS with CBAC/firewall "features" is a souped up router with added features such as stateful inspection (layer 3 only). For a small spot implementation, this might be adequate, but for an application where security is paramount, a 'defense in depth' strategy calls for both the screening access router (not necessarly with CBAC/FW feature set, but perhaps the IDS features), and a firewall.
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