Does it make sense that my Canon 430 EX II would seem to take a lot longer to recycle when used wirelessly vs when on my camera's hot shoe? I can't figure it out, but I often have to wait some time between shots to fire again using my Canon 7d, but when mounted it just doesn't seem as long even though settings are the same.

What do you mean by, setting are the same?
Also, the settings are not likely the same. When mounted the flash is probably auto zooming the head as per the lens and in wireless it is fixed. Probably wide angle.

Unless you are doing using manual flash exposure power levels, then the flash output power is controlled by the camera exposure meter. If you mount the flash and then do wireless but hold the flash in about the same position above the camera (don't forget zoom) then you should see similar recycle times.

Recycle time depends on the actual flash output power.

Flash was set to manual power - 1/8.

As mentioned, the zoom setting matters too.

Keith Sheridan wrote:
Flash was set to manual power - 1/8.

I just tried with with my 7D and 430 EX II. Recycle times seem similar between modes. I clicked at maybe .5-.75 seconds between frames.

I mounted the flash to the camera. Set mode to manual. Set power to 1/8.
When I tried wireless, the flash did not keep/remember my manual power setting and I had to set it again.
Since we are talking about manual power I did not bother with the zoom setting.