I rode the 2013 Timebomb last year, and am on the Code22 this year. My impressions are that the Code22 is bit faster, and for me has a bit more predictable and consistent release off the top of the wake. Even though it's not as an abrubt 3 stage rocker, it still snaps really well of the wake. For me the Code22 is just seems to be an easier board to ride...all of my tricks this year seem to be bigger (both verticle and out into the flats). However, admitedly, I haven't strapped on the Timebomb yet this year to get a really fair comparison.
If I had to choose one of them, it would be the Code22.