LiM is the far better figure overall for sculpts, body, clothing and most of the accessories.
However, I still like the VTS. Bear in mind that I have no interest in the game itself, and am only judging these as 'western figures'.
With the VTS I actually prefer the Colt SAAs, and the moulded holsters to LiM's pleather because I think they're more detailed and realistically scaled. The VTS also gave me an extra character with the green coat and bandit mask, plus the fishing rod, detonator and Spencer carbine.
I'm glad to have two LiMs and one VTS, but if I could only get one it would be LiM's.
Though I would miss not having the aforementioned items.