I own the buck x tract without the LED. I love buck knives, but the x tract is disappointing for several reasons. The knife is excellent, but I find the pliers a little awkward. And the philips head and regular screwdriver are too short - they don't extend out far enough from the body of the knife. Big shortcoming.

If you really want a knife with an LED, have a look at another buck knife, the buck whittaker lumina. Just a knife with a light, and some good reviews on amazon.

And if you want a low cost multi-tool with everything the x tract has(but no light), look at the leatherman fuse. The knife is not as good but it's adequate. The tools come out easily, they lock and the fuse has a scissor. you can get one for under $25 on ebay, including shipping. It's about half the price of the wave, with 80% of the functionality (who needs aone hand opening 3 inch saw, anyway?).