I have the "Sport Axe" - quite the tool for the money. Andy C's Back Pax eloquence plus a sale price I couldn't pass up... My experience with it was similar to yours except the ash tree was already down.
It has chopped and split just fine - no gripes from me. I have not had any trouble with the grip but I would be concerned with a wool or synthetic palm in the winter - it works fine with leather-palmed mitts and gloves (bare handed has not been a problem wet or dry). YMMV
Errr, I DO keep it in my "Be-Prepared" pack... Another place, another time, a machete - but around here, the hand axe is more useful. I think it's a great tool for the money, but I'd not choose it for a long trip where it saw daily use - concerned that IF I break the handle, there does not appear to be a good way to carve and install a replacement handle.
HTH,
Tom