I have Paramount and Six Flags season passes, live right between the 2 and have not been to WoA yet this year, so i guess that says something!
PKI is a much nicer park overall, more scenic (although WoA does have the lake, you still feel like you are in the "outside" world most of the time, PKI is surrounded by trees and hills). PKI has better theming, although thats went downhill since the P was added. The entrance at Kings Island is one of the most outstanding of any park.
Now the important part, rides. WoA does have 2 of the best coasters in Ohio IMO, Knight Flight and the Villian. Superman Ultimate Escape is also a VERY thrilling ride. But thats it, 3 good coasters, the rest are poor to mediocre. The park has 3 Vekomas, so that says a lot about the low quality of the other coasters right there IMO! All 3 wood coasters are basically out and back designs, and the Raging Wolf Bobs rides very poorly overall.
PKI has a very strong and worthwhile coaster lineup, the Beast is one of the best wood coasters anywhere, with a super thrilling finale. If you go there, be sure to ride the Beast at night!
SOB is potentially another world's best wood coaster if they could get the bouncing out of the cars, its a rough ride when the trains bottom out on the hills. Overall though i like it equally to the Beast because it carries speed right to the end, is a fantastic ride through intense high banked curves, and has one of the best loops in the world--its huge, and just a (very well designed) lap bar!
The Flight of Fear is also one of the best coasters i have ridden. Launched, 4 inversions, also the same type of lap bar, indoors, and it feels like it finishes almost as fast as it starts out, with a beautiful pause in the middle! If you go, go straight to this coaster in the morning if you are there at opening, or get in line right before park closing as this coaster tends to have the worst lines in the park due to its low capacity (the trains only seat 20 people). But don't miss it!
As backup, PKI has the Racer (riding it backwards is a unique thrill, like being dropped out of the sky on your back). Its a nice out and back coaster with some airtime, but as far as racing goes, the overall design is not good for racing (trains split after 3rd hill), and the unconcerned ops there don't seem interested in racing it this year. The Vortex is a nice Arrow mega looper, not too rough (although if you are short and your head is typically between the harness, you will get headbanging). It has a pair of very slow corkscrews high of the ground which is nice, but the batwing element feels unnatural and the loops feel tight after riding SOB.
The suspended coaster is a great ride, fast but short. The second summit is a turn where the cars swing out vertical high off the ground, the best part of the ride. There is a mine train which gives a fun ride, but rough and ends with a climb hill. The jr wood coaster in Hanna Barbera land is a nice small woodie.
The coasters that can be missed are the Togo stand up, short and rough, Vekoma invertigo, definitely not worth the wait and also rough as well as their new Vekoma kiddie suspended coaster (rough for the size). Ok i don't like Vekoma rides. :)
As for flat rides the parks come out even, both are not very strong in this area, but have enough.
PKI also tends to operate all their rides and coasters at full capacity, something that WoA has not been doing this year by indications on this board.