Back out the wizard component and you're really comparing ranger to fighter, which is a matter of taste.
The ranger will certainly be looking longingly at the fighter's Expert Weapon Proficiency.
While my copy of the rules is on order, I was looking at the 0.5 magic rating of the ranger. So Ranger 4/Wizaerd 1 is a 3rd level caster while Fighter 4/wizard 1 is a firsat level caster. Or do fighters get magic ratings too?