Both are very good knives, but there's a fair amount of difference between them. The Fallkniven will be sharper out of the box, due to its much thinner edge geometry. Also, though their blade lengths are not far apart, the Fallkniven will seem bigger, overall, as Entrek has fairly small (proportionately) handles on their knives. VG-10, which is the core steel of Fallkniven's laminated blade, will have better edge retention than the Entrek's 440C, in pretty much any type of cutting use a knife of this size is likely to be put to. In larger knives, I'm not really sure how they would compare for uses like chopping--my guess being that 440C would prove to have the greater plasticity between the two, and less likely to chip, both from the traits of the steels and also the slightly lower hardness the Entreks are run at. Neither steel is ideal for such use, anyway. But, back to the point, I would think the Fallkniven's laminated blade would be ever more corrosion resistant than the Entrek's (especially since the Entrek is bead blasted and not polished) but unless there's to be much saltwater in your future I'd doubt you'd notice a serious difference. I wouldn't characterize either as being hard to sharpen (though I'd thin the Entrek's edge out, for my own preferences), but VG-10's greater abrasion resistance and (in this case) hardness will take a bit more time.
The micarta handles of the Entreks are going to be a bit more robust than the stacked leather, but that said, I have several old knives from my grandfather with stacked leather handles that were certainly used as tools (I know he would have laughed heartily at the notion of safe queens) and have held together just fine. Also, the Fallknivens use buffalo hide for their handles, which is supposed to have superior resistance to rot and moisture, so I doubt durability will be a problem with anything less than shameless neglect.
They're really quite different, but both will serve you well. I don't own a Companion, but I do a Cobra (which most people would have trouble telling apart) and a Fall. Northern Light or two has found me aswell. I wouldn't hesitate recommending either, but if it's AT ALL possible I encourage you to see both up close, because you may find your preferences in feel and ergonomics run strongly towards one or the other.
