Personally, I think they both stink
There is little to no protection for the device - it is really easy dirt and grit to get to the tool. The elastic is, one or the other, not going to be all that great. It is going to either lose its stretch or fray.
I am having a custom sheath (leather) made for my Charge that will hold the charge, a bit holder and a small LED flashlight from Peak. I have always done that with all my multitools for exactly this reason - by and large and more and more - the sheaths that the MT manufacturers provide are pretty crummy.
I think that these sheaths are a step down from what Leatherman has supplied in the past.
J.