They are both good steels. I have found similar performance, but the maker, blade geometry, heat treatment and other factors will matter more than the steel.
Fallkniven sells good knives in laminated VG10, but there are also very good knives out there in 154CM.
Oops, I responded to your question in terms of Vg10, not VG1.
I would rather have VG10 or 154cm than VG 1. There is no vanadium in VG 1, and this alloy makes for a fine edge.