Both are high quality. I love Emerson and in particular the way they make their knives by hand slowly and not the same way as BM does at all really. This means more to me than anything else in most cases but it also means something to me that someone hand fitted the parts, checked it over and I also like the added value of being able to take the knife apart without penalty by the company saying, " you tweaked the screws, it looks like you took it apart, therefore the warranty is now null and void."
You can break down your Emerson with a Swiss Army knife in the field with ease also. That adds a lot of user value to any knife IMO.
Personally I feel if they don't want you taking the damn things apart they should stop making them with screws and pin them. In my opinion they set you up there and have found they are sticklers about it but thats my take on it.
The HK knives and the blue line folders from BM have been first rate though. Rarely have I been disappointed with those. The Red is another story. I don't care for them at all and have returned every one I've ever bought. Never owned a gold but I'm sure they are top notch pocket jewelry.
I prefer Ernie personally over Les for many varied and important reasons. Some of which I can't get into here but thats my take on it. I admit I'm biased to their business practices and much prefer Ernie and his company.
I vote Emerson as a result of the final analysis from my point of view.
STR