If you could only buy one (L-N) bench plane which one would it be???
In the past year, I've bought the L-N #4 1/2, #62 and #7, and put enough mileage on each to say I know them pretty well. I honestly don't know that I could pick one over any other; they're all excellent at what they do, each doing something slightly different than the others. The combination of all 3... is awesome...
The difference between L-N and LV from what I've seen isn't an over-abundance of polish; if that were the case I'd need to wear shades every time I picked up the #7... Based on what I've learned, their primary difference is the workbench height that each is designed to be used on.
L-N's use traditional Bailey pattern handles, their rear totes being best suited to the traditional lower height of a hand tool bench. LV's (according to Rob) have a steeper pitched tote, optimised for use on more modern power tool benches; the logic being the higher the bench, the closer your forearm is to the horizontal, and therefore the steeper pitch tote to optimise comfort and power delivery.
Qualitatively, both are excellent. L-N use a combination of Ductile iron and manganese bronze in most of their planes while LV use ductile iron and high quality plastics. It's stressed that plastics are used where the material doesn't
need to be a metal.
Both companies have exemplary quality standards and customer service; 100% customer satisfaction is their minimum acceptable standard.
Both companies use very high grade steel in their blades, differing only where L-N use a cryogenic hardening treatment in addition to tempering.
It's been my experience that LV go that extra yard or two with their care / use instruction sheets, something that other manufacturers could learn from.
Both companies have well deserved excellent international reputations; whichever tool you choose, I'm sure you won't be disappointed.