When comparing ImpactJS vs Solar 2D (formerly Corona SDK), the Slant community recommends Solar 2D (formerly Corona SDK) for most people. In the question“What are the best 2D game engines?” Solar 2D (formerly Corona SDK) is ranked 15th while ImpactJS is ranked 57th.
Specs
Ranked in these QuestionsQuestion Ranking
Pros
Pro Extensive documentation available to support development
ImpactJS has an active user community that busily produces tremendous resources including videos, books, tutorials, walkthroughs and more. There are also comprehensive class documentation available.
Pro Excellent collision detection system
Impact provides 2 types of collision detection; static and dynamic collisions. Both of which are easily integrated into game development.
Pro Extendable
Many plugins are available, including one called Impact++ which adds features like pathfinding and dynamic lighting.
Pro Level editor
Built-in map editor with support for tiling, collision layers, and actors.
Pro Optimized
Works with Box2d physics library, comes with all worthwhile elements for actors built in.
Pro Truly cross-platform allowing developers to build for anything
Extending the reach of a game developed with ImpactJS is easy due to the cross-platform nature the framework. There are Considerations around performance, resolution and audio, however all can be appropriately addressed when in development. Works in the browser via Canvas, even on mobile. Easily translatable into a packaged app.
Pro Very simple to use

Pro Free
Corona SDK is completely free. That includes pro-tier plugins.
Pro Corona Simulator
Corona SDK ships with Corona Simulator, which runs your game/app directly on your PC/Mac and updates every time you make changes.
It provides immediate feedback to your actions, you can see your changes right on the screen, without necessity to make build to device. Getting instant feedback really boosts tenfold prototyping and development speed.

Pro Good documentation and lots of tutorials
Pro Content scaling
It's easy to create a game that looks good on many different sized mobile devices.
Pro Live builds - update builds running on a device automatically
With the live build feature, once you have created a build and installed on a device, you get lightning fast turnaround times because any change on the code or data is updated to the devices running the game (within the local WiFi) immediately. So changes can be tested on the real hardware within a very few seconds.
What's even more impressive, this even works flawless with multiple devices running the game. You have to use it to learn how good of a feature this is while development and even more, while doing QA. Imagine fixing bugs and everyone of your QA team/friends/whoever helps to get your game done, has all changes on his device without doing anything but waiting 5 seconds - outstanding.
Pro Lua syntax
Uses the great and easy-to-learn Lua programming language.
Pro Very comprehensive API
It's very quick to get things up and running with Corona SDK. The API is extensive and while it's not 100% feature-complete with the iOS API, it's close enough that you could create tons of games and never run into a roadblock.
The API docs can be found here.
Pro Amazing learning curve
Corona does not throw photoshop-like madness full of buttons editor. You can go as fast as you want, learning and building game from ground up. Eventually, you'll learn how much corona is doing for you. But to start you don't have to master complex editor software. It's a great tool to learn to start game development if you want to learn how to program and make games. Your experience will be 100% transferable to any other Pro game engine.

Pro Cross-platform desktop and mobile
Corona works on OS X, Windows and Android (including Kindle Fire & Nook).
Pro Marketplace for 3rd party plug-ins

Pro Great community

Pro Ability to call any native (C/C++/Obj-C/Java) library
Pro Completely free
Since Corona SDK became Solar2D, it's completely free, as only some third-party plugins are paid.
Pro Open Source
Since Corona SDK became Solar2D, it's completely open source under MIT license.

Pro Well supported
Cons
Con Inactive
The last update was in 2014.
Con Cost of $99
While most HTML5 frameworks are offered as free open source projects, ImpactJS has a one time cost and no free option.
Con Free, but not completely
Con Making a device build requires internet connection
To build your app for the device (iOS/Android/AppleTV) Corona requires to fetch resources from online. This would include base application template and plugins. This allows not to perform local build or use Xcode or Android Studio to do a build. Even Large games/apps would build very fast with good internet connection.
Your code never leaves computed. Corona SDK would transfer some information to determine which plugins and pieces has to be transferred in order to make a final steps in build.
As a bonus - you get basically one button press to get from your Corona Simulator game to game on a device.
