I believe that the technical difference is concentrates must contain 80% protein and isolates must contain 90%. In most cases, proteins are only processed to the degree necessary. That means that most concentrates will be 20% "other stuff" (that's 1 out of every 5 grams), and most isolates will be 10% "other" (1 out of every 10 grams). Ion exchange whey is ~96% protein.
Remember that some "other stuff," like fat, will slow digestion, and the reason most of us take whey is because it digests very quickly.
Beyond that, it depends on why you are taking whey protein. If lactose is an issue, you want isolate. If carbs are an issue, you want isolate.
If price is your only issue, go with concentrate. Arnold and his buddies built their bodies without all of our fancy supplements, but they also ate d-bol for breakfast, so...