I don't buy knock-offs for myself ... and I only give quality for gifts. I sometimes get knock-offs as gifts though.
I'm a fan of Leatherman stuff and still have the first multi-tool they made on the 80's tucked away in one of my kits. Actually, come to think of it ...when I get a new one, the old one goes in a kits. I've had a LM Wave for quite a few years and haven't been enticed by anything newer since, and while I EDC a LM Micra, I tried a Squirt P4, but missed the scissors, but liked the little pliers....too bad I can't have one with both...even if the scissors were the folders from the Wave or something cut down to fit. I might upgrade to a Squirt S4 since I kinda like the access to the blade without opening it up ... but want the price to get about $20 like a Micra first.
I figure best quality you can afford and just imagine how pissed I'd be if I really needed the tool and it failed because it was a knock-off...then cough up the $$$ for the good one instead. And if it fails ...well, there ya go...at least I tried to get good quality.