I picked up a Skeletool CX a couple of days ago. My evaluation is ongoing, and since I haven't decided if I'm keeping it, I'm not abusing it. But here are some initial notes and impressions.

First things first: the design of the CX is drop-dead sexy. A standard form multi-tool would generally rate a yawn these days. Not so with the CX. It really has a futuristic cyborg terminator intricacy to it. When you open it, it seems almost to morph from one thing into another. Someone with immense visual talent gave this thing life. I love looking at it. It's as much a piece of art as a tool.

Second, kudos to Leatherman for the fit and finish. It is flawless -- I can't find a single thing wrong with it. I have never seen a first-run production tool that's so nicely put together.

The blade locks open and closed, with a small detente halfway. It's easy to find on the tool and works well one-handed.

The blade is thick - thicker than either blade on my Wave II. The grip is more comfortable and natural than you'd expect from an assemblage of small parts. There are natural "fencing" and "hammer" grip positions. I think if you did a lot of heavy woodcraft-style cutting, though, your hand would start to get sore from the many metal contact points.

Serrations: personally, I don't mind serrations if they're done well. But I absolutely hate serrations that are done badly because they grab and bind the material being cut. The CX's serrations are the deep scalloped style that actually work well.

Pliers:

I'd put the pliers in roughly the same category as the PST and Sideclip models. Good wirecutters and surprisingly sturdy. They're much better than the Juice series. But don't be fooled into thinking you'll do nearly as much with the CX's pliers as you will with a Wave II/Charge. You don't have nearly the grip or the leverage. Still, the pliers would be welcome and useful on a backpacking trip.

I think I would take the bit out for extensive pliers work. Otherwise the palm of your hand will suffer. The bit holder is rounded to make this somewhat more comfortable.

BTW, the carbon fibre piece flexes a little when using the pliers, and makes the grip a little more comfortable and secure. So maybe it's not all eye candy.

Screwdriver: The bit holder is the best I've seen from Leatherman. I hope they use this design in all their tools from now on. The handle shape of the CX puts the screwdriver bit at an angle, though, which may annoy frequent users.

Bits: I'll probably switch the included bits for a flat/phillips combo and keep the Robertson bit in the handle. (Robertson? Canadians note that my CX, bought from MEC, includes a Robertson/square drive bit -- hooray! These are used extensively up here. I only wish it was a #1/#2 combo instead of a #2/#3. Other retailers may not include this; better check before buying.)

Pocket clip: Functional and reasonably secure. Not quite as strong as the Wave II/Charge clip, and the tool sticks up quite a bit (rather like the old Sideclip). I think the Wave II clip allows a much more discreet carry inside my waistband. I don't trust either in rough terrain.

So, bottom line: do I feel as well equipped with a Skeletool as opposed to a Wave II? In all honesty, I do not. But I'm not sure I can part with something this freaking gorgeous.