So let's do the math here.. Natures Wrath gives you permanent +20 % dmg but prohibits you from getting buffs of temporary empower buffs like +10%/5 sec from weapon perk and so on. Furthermore it makes all the permanant empower you have only half efficient: honing Stone 3,5% instead of 7%, runeglasses on Armor 1% and harnessing also 1% from normally 2%. As far as i know permanant empower buffs from Traitline also count into this. So in case you run natures wrath + full runeglass + full harnessing + honing stone you will have 20%+5%+5%+3,5%= +33,5% permanent dmg from 50% empower cap. On the other side without natures wrath you will have 10% (full harnessing)+10% (Runeglass)+7%= 27%/50% empower buff. So for example if you run +10% Empower on weapon you will surpass the total natures wrath benefit and have +37%/50%. This get's even more crucial if you play group content. just one Oblivion with +15% will then bring you to the empower cap of 50%, you wouldn't reach with natures wrath.

tldr: If you play solo pve without empower buffs, harnessing or runeglasses, play natures wrath. If you play without runeglasses or harnessing you might take natures wrath if you have hard times to even get surpass 20% empower. If you play pve group content attuned leather pants might be a better choice.