I have collected about dozen of both Victorinox and Leatherman full and large sized MT. And had the pleasure to test out dozens of Vic spirit straight out of box, as an inspection for company gifts, and also got chances to test out dozens of leatherman before I make the purchase(I am a good friend with a local dealer). Personally, in terms of fit and finish, Leatherman is not even close to Victorinox. The even tension/retention of each tool, easy butter-like opening and closing feedback, Victorinox does know what they are doing.
All the Victorinox I owed and inspected(before purchase) in the past do oiled well, and never developed rust spot before or after my purchase. Leatherman, on the other hand, is another story. Once in a while I do see rust spot developed on tools even before use, and this is one of the largest dealer in the area so I assumed nothing will sit around more than a few months.
In terms of design and use, my personal favorite is Vic Spirit X, for all the tools are easily accessible without opening up the pilers. The only time I do prefer Leatherman over Victorinox is for the value of having an OHO blade in 'emergency' situation, but the other time I could imagine it does matter is sliding off a roof or breaking thru thin ice(which I pretty much stay 100% away).
In terms of fit and finish, Vic products are impressive, but the most important test of tools is how they operate in a work environment. I have used both makes, found both capable and reliable performers, but for my purposes Leatherman is better. One hand opening is more than an emergency matter. When one hand is occupied with something that needs to be cut, being able to draw out the tool and open a blade with one hand is not only convenient but can be a safety issue. My Swisstool required an awkward juggle of trying to open a blade with the same hand used to hold the whatever, and then to close it after the cut is made. This can be dicey while trying to hang onto the item and unsafe when up on a ladder or similar precarious situations. A Leatherman Charge TTi can be drawn, opened, used, closed and returned to sheath or pocket with no drama and the best argument in its favor.
Beyond that, Leatherman screwdrivers are superior both in their sharply squared configuration compared to the over-polished Vic counterparts, and in my experience better fit more standardized screwheads. That had been my general impression, but to confirm I also did side by side comparisons. The clincher was turning a screw into hardwood. I snugged it down as far as possible with the Swisstool until the blade slipped and even with more pressure was unable to drive the screw any further. Then I put the Leatherman to the task and turned it almost 3/4 more with no slippage.
Although personal matter, I have found true needle nose pliers to be more versatile than the blunt ones on the Swisstool. Spirit pliers are almost okay, but Leatherman is still a better choice for me. They also open wider, but admittedly that was only an issue for me once ever.
A good looking tool is a nice, of course, but finish does not affect its ability to do work. My Swisstool gleamed brightly, enhancing pride of ownership. I liked playing with the thing just for the pleasure of working the tools and admiring their beauty, but working with them was often a challenge. The implements were stiffly sprung. Repeatedly pulling them out by their nail nicks usually resulted in my thumb nail bed smarting for the rest of the day, and good luck with doing it in wet and/or cold weather with softened nails.
From the time I got my first PST (1996) to the present, I have never had a problem with rust or breakage on any of them. In the end, I wound up selling off the Swisstool and using the proceeds to buy another Leatherman. That was years ago and I never looked back.
