For me, it's Victorinox all the way.

I have owned several of each brand; and Vic has earned my trust, in durability, sharpness, and general functionality.

In particular, the older Wenger blade steel is bloody awful. Vic's at least step up to the mark. That line may be blurring: IIRC, Victorinox blades are appearing in Wenger products.

Aside: I wish the locking blade, big saw versions of both were designed to be comfortable in my pocket. Or at least add a big, strong pocket clip. That's my biggest gripe.