Hi,
I am from India and recently brought the S54. I donot own a Swiss Champ, but one of my good friend does. Therefore, I am in position to compare them. So, I present my review of the SAK's.
In brief I shall like to say that all SAKs need to have a modern overhaul. For a company based on something so innovative like a SAK, Victorinox seems to be very traditional and Orthodox. They don't modernize their designs or make them modular. Again I dont seem to understand, why they make the components from the same steel when they can make each component from material suited to its use. Let me explain how.
1. The Large Knife: Change design to something like an extreme ratio KH. Multiple angles of a blade can serve multiple purposes. It applies to both the SAKs. The lock is good in S54 and should be incorporated into champ.
Link:
http://www.extremaratio.com/prodotti/coltelli-lama-fissa/machete/kh.html?___store=en
2. The Small Knife: I never understood why it was dropped out from S54. Again, the design could be made to something like a karambit. Specifically vulture Karambit. Serves opening of packaging far better. Again, If someone wants to keep the nail file, keep it on the surface of the wrench. For, the nail cleaner function swiss champs file tool had the best provision, just get it back. Use the blank surfaces without increasing load.
Link:
3. The plier and the Scissor: The S54's is better and more robust than swiss champ and should be replaced to the champ.
4. The file: Both are equivalent, just Swiss Champs sport a extra nail cleaner. That fuction could be added to S54 as mentioned earlier.
5. Lens: Better in S54, as the lens has reach. But, the screw-driver head part could have been made into a medical spatula, by slightly shifting the lens down. (The function already exists in the can opener).
6. The saw is fine in both.
7. Fish Scaler and Hook Disgorger: S54 has better design, but the swiss champ has the measurement scale. The need to be hybridized into one thing.
8. Wrench: Present in S54, but absent in Swiss champ. Again the surface could have been used a lot more proficiently. For example, bicycle spoke straightner cum spoke screw tightner could be easily made on the lateral surfaces, apart from the nail filer etched on the surface.
9. Philips Screw Driver: Why is that needed? it should be replaced it with a precision bit holder, with philips head in one side and allen on the other. Victorinox already has it in xavt models. Why not in Swiss Champ and S54.
10. The plastic Scale with compass: The worst thing in S54. Drop it!!!. Its a good for nothing space consumer. As mentioned earlier the scale could be on the fishing disgorger like the swiss champ and the compass could be on the big red unused handle surface of both swiss champ and S54. Again please change the compass to a more slimmer, marked, oil damped one of bigger diameter. The one supplied is a sorry excuse. The space saved can easily accomodate a victorinox nail clipper and something else.
11. Bottle opener, can opener, Awn, cork-screw, tweezers and tooth-prick are same in both models.
12. Hook, pin, chisel, ball pen, mini screw driver, small screw driver all missing in S54 but present in swiss champ. Why? No, good reason for ommiting features seems to be there, when the space exists.
Finally, let me end with a comment from my friend that the Chinese are getting more innovative with the swiss army knives (design wise), as compared to the swiss themselves. He happened to mention that in a cheap rip-off that he had seen, the precision magnetic bit holder can also be used for attaching either a spoon/fork/spork head attachment, sold separately as accesories, with their bases made as heaxagonal bits, which attached magnetically. The whole nifty thing came with a case too.