I think they're pretty equivalent, especially since Victorinox has owned Wenger for almost 5 years. My only real preference is that for keychain sized knives I prefer the Wenger Esquire over the Victorinox Classic. This is mainly because the Wenger scissor design is better. They use slightly serrated or toothed blades which don't slip. The lever action torsion bar spring can't break or get pushed out like the Victorinox hairspring. I've never broken a Victorinox hairspring, but it must happen since replacements are available for sale. The Wenger design also puts side pressure on the blades to cut cleanly, but to call it "self sharpening" as they do might be a stretch. My EDC includes a black Wenger Pocket Tool Chest, which adds a cap lifter/screwdriver, eyeglass screwdriver, and awl with sewing eye to the standard pen knife blade, pointed nail file (also great staple remover and emergency small Phillips screwdriver), toothpick and tweezers. The Wenger Esquire is also a few mm longer than the Vic Classic. Either fits in the watch pocket of my jeans.

Wenger has also seemed willing to try some things that Victorinox hasn't, like the contour grip handles of the Evo (Evolution) line, some left handed models, and minor things like the old Soldier model having lanyard bails that the Vic models didn't have.

Both are several steps above any Chinese imitations that I've seen. One of the reasons Vic bought Wenger was to prevent the Chinese from doing so, and thus being able to market "genuine Swiss army" knives.