Just got the bike rack in and it is much much lighter than the Edge 2-Bike Hitch Rack. I also like the lower profile of the rack when up and the fact that the extra arms are lockable. The Edge 2-Bike Hitch Rack had cable locks and I think the arm locks are a better way to go. You can always add cable locks.
A big plus is when the rack is in the up position, you don't have to lower it to open the hatch, that is if you have a car with a rear hatch.
The other thing I like more than the Edge 2-Bike Hitch Rack is the handle. It just feels easier to use.
The only downside to rear mount racks, at least on my Subaru is the alarm that goes off when backing up. The rear view camera doesn't recognize that their is a bike rack and it thinks it's an obstruction.