Both Vortex and Leupold offer a range of scopes, going from cheap to expensive. Vortex's line up is more ad hoc and all over the place, with a lot of overlapping price points. Leupold is more linear.
If you want to compare Viper 4-16, compare it to VX3 4.5-14 SF, or VX2 6.5-18. The Leupolds have better glass and are lighter, but have more restricted zoom range and cost more, but they are made in the USA while Vipers are made in the Philippines. To be honest Leupold does not compete in the mid-low end with feature, so you will always find more features on the competitions than Leupold.
The corresponding Vortex scope to VX5HD is the Razor LHT, about $1700, has better dial, better reticle, IR in all models. But VX5 is (subjectively) a hair better imagine quality and (subjectively) better feel to it. The LHT is also very light and is made in Japan. Personally I think the LHT is the most competitive product Vortex has ever released.
I do not believe Vortex offers "good value" in their most of their scopes. The Viper 4-16 is not a bad product but at 1100 it has a lot of stiff competitions. If you want "good value", you could look at Nikko Stirling Diamond 4-16 Long Range, it is $450 and has similar features to the Viper. Most people say the glass is quite good too.
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