Leatherman has replied to many curious customers that their tools (knives and screwdrivers, awl, etc) are all 420HC steel.
I'm not certain what Victorinox uses on their Multitools, but their standard knives use 1.4116 stainless and I'd be surprised if they used something different on their MT's.
420HC and 1.4116 are very similar steels, almost equivilents:
______________1.4116_____________ 420HC
Carbon %____0.45-.050___________0.40-0.50
Mang_________0.4_________________0.8
Chr_________14.50-14.80_________12.00-14.00
Moly__________0.6________________ --
Van___________0.1________________0.3
The difference I believe is the surface finish. Leatherman tends to sandblast most of their tools/frames, while Victorinox polishes just about everything.
The difference can be dramatic. A sandblast finish can have up to twice the surface area as a polished finish.
From a corrosion resistance perspective this has a two-fold effect. Any water or especially salt water on the surface will bead on a polished finish much better and wipe away easier. Also, with the grain size of steel, corrosion can react to different parts of the steel matrix depending on what is exposed. With twice as much surface area, the water has twice the likelihood of being in contact with steel material that is susceptible to rust. I believe this is the true fault of Leatherman tools.
On tools like the Wave where the pliers are polished but the tools and frame are not, I have noticed a lot more corrosion on everything but the pliers. It can help a lot to spend a night with some Mothers Mag and rub down the frame and all the tools.
Having said that: I fish with an old Leatherman kick that receives very little maintenance. While it does have some surface rust spots, it does not affect function and can be easily cleaned once a year. I polish any rust spots with Mothers Mag, thoroughly clean it with Dawn and hot water, then oil it with a high quality synthetic lube (Miltec-1). It has been going strong for over a decade and still works great when I need it. I have found that after years of this maintenance it rusts less and less each year as all the tools are polished more.
Multitools are meant to be used. I would recommend soaking your P4 in a jar of synthetic motor oil from time to time. I have found this to allow oil to really penetrate all the little crevasses in a tool and lasts at least a year for keeping the pivots clean. I have a Leatherman Core that lives in my truck and get's wet from the repeated heat/cool cycles that cause condensation. It is soaked in oil and always ready when I need it. Synthetic motor oil will never gum up over time like standard oils will.
I for one would not want to pay the hundreds of dollars for a mutlitool made from LC200n when I have just as much of a chance of loosing it as a standard Leatherman.