Just going by the pictures on this catalog, the Recon Wrap seems rather elastic and stretchy. One of the strengths of a regular bandana is being able to improvise slings, cravats, splinting, etc. I'm not sure the Recon Wrap could do those things as effectively since the fabric looks like it would stretch when subjected to tension.

For EDC, while the Recon Wrap is probably the superior multipurpose head covering, a bandana is probably the more adaptable EDC item.