Ethereum Mist now replaces the Ethereum Wallet. Here is the Ethereum wiki on wallet:
“Ethereum Wallet is just a Mist implementation enabled to access a single dapp – the wallet dapp, this is due to missing features in Mist itself and so that we are able to release earlier. So the wallet is Mist, in wallet mode”
As you see Ethereum Wallet is a stop gap solution while Mist is being built out. With Mist is getting ready for production release, we may as well be using Mist instead of Wallet.
Mist is a cross platform hybrid desktop application using web interface. It is built with electron. It will be easy for the web developers to debug using the Mist browser.
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