Well, a few things...
First up, the Sog's blade is a much more heavy, robust one. It starts out at 1/4" thick, and even though it is a hollow primary grind, it isn't ground down as thin as the Buck is behind the edge. This added weight, however, won't necessarily contribute to any kind of advantage in terms of impact use (chopping) as SOG's extreme geometry tends to make it bind pretty badly in cutting use where any kind of penetration into the height of the blade is involved (i.e. it'll pop hairs off your arm all day, but just try carving up a roast with it). This isn't to say it serves no purpose; it makes a wonderful wound channel that'll bleed readily if you're stabbing a sentry (or a pig) but beyond that, the SOG Bowie blade shape is a study in looking cool and not being especially good at anything. And no, that's not just picking on SOG---I have several of their older, carbon steel blades and like them a great deal for what they are: fighting knives.
The 119 will probably match it in chopping anything larger than 1" in diameter (lighter weight made up for with superior geometry), out-split it in batoning, and leave it in the dust in slicing, skinning, food prep. It's just a better cutting geometry. I'm sure it's not quite as laterally strong as the SOG, but prying with a knife is a bad idea regardless.
Also, as far as the steel--- the notion that one blade steel is just inherently better than another is a rather simplistic view. Different alloys excel in different applications. 440C will indeed hold an edge longer in abrasive cutting tasks than AUS-8 which in turn will slightly beat out 420HC in the same use. On the other hand, the reverse order is true when it comes to ductility and toughness---things that will blunt and roll 420HC will chip and fracture 440C. In a medium-large fixed blade like the 119, given the tasks I'd put it to, I'd really rather have the hardiness of 420HC or 425. I own a couple 440C Generals and like them, but really the later alloys were an improvement, in addition to being easier to manufacture/sharpen (which was the reason they were switched to).
Between the two outfits, I just like dealing with Buck more---warranty is not only expansive but proven, and they tend to produce their own knife designs rather than plagiarizing others'. That last part didn't used to be true of SOG, and I'm sorry that it is now.