I like the leatherman's but the Victorinox is categorically the better tool.
Not trying to pick an argument, but you make a strong statement like that based on what exactly?
IME, the actual build quality is very much comparable. Pretty much the same materials, similar hardness and toughness. Leatherman offers some higher grade steel for primary blade though, not a bad option.
Swisstool vs. LM Wave (I guess that's about the most objective possible comparison), the Victorinox may LOOK more robust but is bigger, too big to fit in a pocket. The Wave will handle any sensible task reliably. I've abused mine for a good number of years now. Can't say I wouldn't prefer better steel/harder edge on some of the tools but it's every bit as good as anything made by Victorinox and it gets the job done consistently.
Ergonomically, the Wave is better designed and more practical IMO. Everything is exactly where it needs to be and works just the way it should. Looking at the Swisstool, it's evident Victorinox is basically a pocket knife manufacturer. When the multitool concept became popular they jumped on the bandwagon and pretty successfully so, but their multitools still lack the "mojo". On the other hand, LM specializes in multitools and it shows.
Either way, both brands are excellent. But while I like the SAK in all its forms for what it is, LM just makes better multitools all around. I suppose that's open to various opinions but two friends of mine have swapped their Swisstool for a LM so I'm not alone. Everyone's mileage may vary.