By themselves I would say 5160 is a better steel for a fixed blade, and s-7 would be better for axes and tomahawks. That doesn't take into account the heat treating, For instance, the heat treat that companies like Scrap Yard and Swamp Rat use make their s-7(they call their special heat treated s-7 "sr-77") superior to most 5160.
They are both great though, and I would be perfectly satisfied with a knife in either steel. Justin @ Ranger and Dan @ Scrap Yard both make great blades!