I've used them both quite a bit. I don't own them, but my profession allows me to "play" with things like these from time to time
The Swaros, first off don't have a ballistics program. So if you're looking for the ability to have ballistics corrections the Leica is the obvious choice. The Swaros accompanied me on a antelope hunt in Wy this past fall. The glass, like all swaros is top notch. Color clarity, brightness in both low and high light conditions is wonderful. I glassed with these binos for hours each day of the hunt and didn't have any eye fatigue at all, they never felt like they were making me focus my eyes where they didn't want to be focused, if that makes sense.
The rangefinder is quite good. I don't remember what distance they are rated to, but I ranged my pickup at 1875 yards after a sneak on the first buck I shot. The beam, in my opinion is wider than it should be. I felt like at times I would pickup something I wasn't aiming them at, however for reading an antelope at a distances from 100-700 yards is was pretty easy. ( I don't believe I tried reading an animal further than that)
My two complaints: If you like to drive from spot to spot or across a prairie road and have your binos on the dash of your pickup the swaros don't work very well. The rangefinder part of the bino lets them rock back and forth. And it erks a guy to watch his 3k binos roll back and forth on the dash. Secondly, the rangefinder button is controlled by the left hand. Not a big deal unless you are a right handed bow hunter and are using them for spot and stalk hunting. (minimum ranged on the swaros is 33 or so yards so they don't work as a 'perfect' tool for bowhunting anyway) Other than those two nitpicks I liked them.
Leicas-
Comparing glass to glass with the swaros there is very little difference. If anything I'd have to give the edge to the Swaros. It seems like Leica uses a coating on the glass the might make them slightly less bright, but in all honesty its VERY hard to tell. I took the Leicas on a coyote hunt or two and have used them at work side by side with the swaros.
Ranging ability will go to the Leica in my opinion. They Geovids are rated further out (2000) yards and the rangefinder is VERY fast and accurate. Seems like you usually get what you're aiming at on the first try. Neither set will work across snow very well.(typical in RF's) The ballistics program in the Leica is pretty cool. You can pick a "curve" that is pre-programmed in the unit or upload your custom program via micro SD card to the unit and it will correct for you based on realtime.
The programming part is slightly harder than it seems like it should be to do. I'm pretty tech savvy and it took me awhile to feel comfortable programming. If you goof up you have to go through each step again. And secondly you cna only have one gun programmed in at a time, otherwise you need to switch the SD card out which is a little on the cumbersome side.
The size is about the same as the swaros but Leica used a different prism with these binos and I'd have to say its pretty awesome feeling set of binos. Not overly heavy and easy to hold on to. The ranging button was on the right side of the Leicas which is a plus in my eyes. I like the idea of being able to use them spot and stalk bowhunting.
Overall a guy couldn't go wrong with either set unless you HAVE to have ballistics correction. Then the nod goes to the Leica. I'm a big Leica fan but I really love the swaro line of optics as well. Personally I would buy the Leicas just for the ballistics program. However I own a G7-BR2 and, in my opinion, that is the ticket when it comes to ballistic corrections.
Hope that gives some insight on them for you.