I bought the Palermo with the coupon code on Amazon for 10 dollars and change. I will say I'm glad I didn't pay full price for it though it isn't too bad for a back up.
The Palermo does have the bigger probe but I haven't had anything the Thermowand really doesn't work for.
Both are accurate therms but speed goes the the thermowand hands down. 3-4 seconds will get you in the ball park with the Palermo but it'll take 5-6 to be accurate. The thermowand on the other hand reads fairly accurate in the 3-4 second. The Palermo reads ambient air faster but last time i checked we're using these things for meat so that doesn't matter. The Palermo automatically opens to celcius so you have to hit a button to get fharenheit which isn't a deal breaker just an inconvenience.
The build quality is much better with the Thermowand and the magnet is nice. The Palermo feels very light and cheap, also the probe clips tightly into a plastic clip which doesn't make it too easy to open.
Verdict: Don't pay full price for the Palermo unless you're needing a longer probe compared to the Thermwand. The wand is a great value for $25 compared to the Palermo for 18-20 dollars.
Probe length- Palermo
Build Quality- Thermowand