Just another thumbs up for the Leatherman Wave. I've had one for a few years now. It does not replace a fixed blade knife, not even a quality folder (the knife blade on the Wave is a bit soft, though still usable). But as a general purpose tool/backup you'd be hard pressed to find anything nearly as practical. Besides, it's just the right size, not too big or heavy.

It does seem expensive but once you make the purchase you'll never regret it. You really do get what you paid for.