My first MT was the original Supertool which unfortunately was stolen when my car was broken into back in the 90s. It was tuff as nails. Since then I've got the Squirt P4 (which BTW I've used in conjuction with a Vic Midnite MiniChamp to assemble and disassemble a huge home office corner desk with no problems).
I also have the original Wave but was not so impressed with the play on the lockable blade, saw, file, etc. It also seemed to get rust spots very easy. That being said, I just picked up the new Wave at the local LeBaron outdoor store because they had Father's Day overstock of the Wave and Monarch 400 LED flashlight combo kit on sale for $64 or so. That was less than the price I paid for just the Original Wave years ago. The new Wave seems a lot better than my original copy. No blade play, all tools lock, it has the removable bit drivers, better grip when using the pliers, etc. For the price I couldn't pass it up.
I've never owned a Vic MT but have handled a few and I agree the fit and finish, robustness of the Vics seem to be a bit better than my original Wave. That being said, I still love my Leatherman tools!
EDIT: Oh, in reference to Wanderlust's post above, for the awl and scissors I also EDC the Vic Huntsman, one of my favorite Vics.