Les Stroud carried a wave and used it all the time. But in the last season he also started carrying the buck 119 hunting knife, which has a big (6 inch?) blade.

If you are hiking/camping the problem with the wave or a big fixed knife is that they're heavy - the wave weighs half a pound.
I find that a folding knife that locks and a keychain SAK (for the scissor mostly) is all I need for hiking. And the combo weighs only 3 or 4 ounces.

If you still want a plier/wirecutter multitool, consider the LM squirt S2. Pliers, excellent scissors, serviceable knife, and selection of screwdrivers. No saw or file though. But it weighs half what the wave weighs.