They each have their benefits and weak points.
Swing:
Easy to make strong, just buy some axles and you're done.
swing axle rear susp is lighter than IRS.
There's more guys around that know how to make it work.
IRS:
Can be made just as bulletproof, just takes more parts. Drive flanges, CV joints, axles and outer stubs must be upgraded for 200+hp. Since there are more parts, the cost is higher, but not as bad as people think. Check out:
http://www.nevadaoffroadbuggy.com/item.asp...thly%20SpecialsHere are the 930 Turbo CV joints for $52 ea.
IRS does not suffer the severe camber changes that swing axle does. Typically the swing cars are set up with very little rear susp travel to limit the camber change which adversly affects the tire contact patch. Having little susp travel means you are more suseptable to problems on the launch. It also applies a greater shock to the transmission's internal components. If you had IRS, you can set it up for much more susp travel, which will apply the load more gradually to the trans parts.
Check out this topic on STF if you haven't already seen it:
http://www.shoptalkforums.com/viewtopic.php?t=60718