The biggest difference between Impact and Flax is that Flax is written with the Java language, using GWT to cross-compile into Javascript. We used GWT because a year ago, when we started, neither of us really knew Javascript. As well as that, we like our strongly-typed languages, and we figured there might be more game developers who know Java than js (though that's totally unfounded, and pretty much just plain wrong. ;) )
The fact that GWT compiles into super-optimised js (though that's hard to tell, what with the 100% CPU usage) is nice, too.
Impact is very cool indeed. I seem to remember speaking to the dev behind Impact just after we announced Flax - I guess he got there before we did. :)