I love multi-tools (favorite is the Wave) and I always carry a small lockback in my pocket. But recently I got a A. G. Russell "Woodswalker."
[http://www.agrussell.com/product.asp?pn=AGPRS] It is a fixed blade knife, the blade 2 3/8" long with a 3 1/2" handle. You can get a neck sheath if you wish but I got the all cowhide leather wallet shaped sheath that slips into your back jeans pocket with only about an inch of the butt end of the handle protruding. This allows for very discreet carry, yet you have a fixed blade knife that no one would think is intimidating. Certainly not to be characterized as a military type or spec ops kind of thing. It is a very small and slender tool, elegant in a way, of very fine metal and very sharp and easy to keep sharp. It is just right for cleaning small game & pan fish, peeling an apple, cutting all smallish cordage, etc. It would be a great paring knife. Very handy. For casual roaming and adventuring it is ideal for most small cutting jobs. And the price is right at $19.95. I think I am going to buy 3 or 4 more of the knives because they are only $9.95 a piece w/o the sheath. I have a large camp knife, a Becker Brute, that takes care of most bigger tasks IF I want to haul it along. But really, most cutting tasks are small and the little Woodswalker is just right for those.