Well, couple things to chew on....

The Wilton 3 is a 25 pound vise. The 4 Wilton is 50. There is not a 3 1/2 Wilton. The 3 1/2 Morgan is 35. Those are the weights of the non swivel versions, which, seems to give a better grasp of what you get in a vise. The weight of the swivel is not useful in comparison. But, I sprung for a swivel vise to put on a bench, not on a post. My gut feeling on a vise is if you have two identical jaw widths, with similar opening, the heavier vise is the one you want. As Craig noted, weight spirals off the chart as the size of the vise goes up, and I want a smaller vise, higher on a bench.
Both of the Wiltons are hundreds of dollars more. That doesnt mean a comparable Morgan is cheap, they are not. I expect the Wilton will be a more precise vise, but, will hold judgement until the Morgan is here. I have viewed plenty of older Chicago Morgan vises, the Milwaukee version is identical, but, newer. Better material than the pre 1950s version. With any luck, it will have improved precision of manufacture.

We will see.

Best,
Ted