Thanks. Yes, very similar, but with some differences. The Peavey had more of a "honk" to hit, while the EB has more "fat and bright" sound, but these are very fine distictions. The necks are similar, but the neck on the Wolfgang is more bulky, and heavier which gives it a more solidbody "rock gutitar" sound.
So, why do I have both? Well, the Wolfgang isn't here yet, but the EB is getting way to old an worn out. It needs a lot of work, and I fear it could be damaged, or stolen, if I send it out for repairs, Since I like the Wolfgangs, I decided just to buy one istead of getting the EB fixed.
Edit: Crap, I forgot about your other question. Eddie didn't like the way things were going with EB. It's true, EB just wasn't capable of meeting demands, or quality of product. I had a lot of problems with my EBMMEVH when I bought it, and Eddie got sick and tired of hearing the complaints. When Ed puts his name on a product, it had better be up to snuff.
There were rumors that Ed was going to leave Peavey for Charvel, which is owned by Fender. But, nothing so far has come about of these rumors.