it seems like the only big difference is the look of the drum
Here's a few points I've garnished outta re-reading some of the posts:
"Wooden hoops give more "wood", darkness and roundess to the sound, and they remove some of the highest frequencies and metallic quality from the attack -- and rim sounds are quite spectacular... The difference in sound isn't earth-shattering, but none the less audible."
"Great rim click
Let the drum resonate (complement the sound)
Warmer, rounder and overall ‘woodier’ sound
Stable tuning and even sound
Durable
Thicker sound
Darker sound
Ping-y-er rim shorts
Phatter cross-sticks"
"They seem to extend the shell and allow it to vibrate more, giving it more resonance."
"Wood hoops will change tonally depending on wood type and construction, but generally they open a drum up as they resonant at approx. the same rate and tone as the shells. They a make drums sound organic, rich, full and very musical, but still have a nice "woodblocky" bite."