The Spirit is sold with two different wrenchs: one ratchets, the other doesn't. The ratchet version seems harder to find; if the seller didn't say which yours is, I'd guess it's the regular non-ratchet wrench.
The ratchet wrench is impressive. The head is very small, with a hex hole that goes all the way through. It's not reversible; to change direction, you pull the biit out, flip over the wrench, and put the bit in the other side. The other end of the wrench has a non-ratcheting hex socket in the end, for more screwdriver-ish uses. Very simple, very effective, very Victorinox.
Yes, they're standard 1/4" bits. There are several empty slots in the bot holder, too, so you can add ones from the hardware store. Note, though, that only "stubby" (1") bits will fit in the sheath in the bit holder; but if you want to carry them separatly, you can use longer bits with the wrench if desired.
The sheath, with bit holder and wrench,
is big and bulky. It's my only real complaint* with the Spirit. Even my Leatherman Charge TI, in the leather sheath with it's bit kit, carries more compactly; the Spirit sheath is thicker (sticks out further from my belt) than even my LM Surge!
I think Victorinox sells a slimmer sheath that'll hold just the Spirit, sans bit holder and wrench. I don't have one; when I carry the Spirit and don't think I'll need the bits, I use my old original Wave leather sheath. It fits very well.
(* Not that I don't have a few minor ones. The scissors are mechanically a big improvement over the old leaf-spring design, but a bit small; the Euro-sheeple-friendly knife blade is a waste, but I usually carry a real knife anyway; and the file, as usual, doesn't cut nearly as fast as my Leatherman ones. :thumbdn:
Now, if Vic would make the scissors bigger, stop chroming their files and add diamond to one side, and put both a point and a thumb stud on the knife blade, they'd have a real winner!! :thumbup: ) 
