Welcome to the boards
If you go into the Wave expecting to get the same performance out of the blade as you would from, say, a $50-$100 folder, you'll probably find it to be a little lack luster.
However, having own many, many folders in that bracket, I still wince when my knife gets its first scratch cosmetic though it may be.
What you are going to fine with the 420HC in a LM is a serviceable metal. It'll take an edge, but won't hold it forever. The typical trade off between 420HC with a brushed finish (like found on a LM) and the steel used in a Victorinox is that the 420 is probably going to hold a usable edge a bit longer as they tend to run a bit harder and have a thicker edge (both a good and bad thing). However, the Vic will sharpen up quicker (typically due to the edge geometry in addition to the softer steel) however it'll dull faster usually. The Vic steel is also about as corrosion resistant as they come short of H-1 due to its high polish. You'll have to watch the blade on your Wave. Is it going to rust off? Nah, not at all. However, it might spot up a bit more.
In short, for a multi-tool that is primarily a pair of pliers first and a blade second, the LM steel makes a pretty good knife (certainly better than the cheap knock offs). However, The Vic is a knife first and tool box second. So it probably edges out the Wave in that regard.
If you want something with a set a pliers and a premium blade steel check out LM's Charge, Skeletool, and Freestyle with the 154cm.
If you just REALLY dig the Vic steel (which I like myself), look at the Victorinox Spirit for a Wave-ish tool. You just lose the one hand opening features.
Hope this helps
