The quality of the ones I have is about equal. I preffer Vic over the Wenger ones. The Vic's seem to take a keener edge IMHO.
I second this observation. Also, the toothpick and tweezers in the Wengers seem to slide easily into the scales, making extraction difficult. Also (not sure about this point), but Wenger's blades might be thinner (at least on the locking standard size models).
However, there are other positive features which offset these disadvantages. Among them, imho, are: locking blades on the securite models, slight belly in blade shape (I kinda like the model I have with its spearpoint shape), chain lanyard, scissors, locking screwdriver (I never figured out if this works or not), slightly more compact size (again, not sure if my perception is correct on this).
Maybe Victorinox can make Wenger use its steel blanks