Of the current production guns turned out by both (thinking of revolvers and mostly DAs) the QC of both companies has declined. I believe they are both pushing products out the door without regard to much QC if any at all.
Since Smith started at a higher level it might be argued that they are still a notch above Rugers even though both have declined. Then again it may be subjective. I have a real problem with S&Ws two piece barrels and have seen photos of examples that have separated or come loose. Ruger hasn't stooped that low so in terms of brute strength they might be ahead.
Then again I have seen some reports of some really crappy Rugers, for example guns that won't chamber the cartridge they are intended to use.
Sad to say, in this day and age most everything is crap...or at least nothing like it used to be. YMMV!
Dave