I have the Shadow III and think it is just about an ideal knife in all respects. 4" blade is just what I like, the design of the hollow handle is without peer IMO, and sheath (pancake style) is perfect. Mine was made in 1988, and the sheath is an El Paso Saddlery, which is not who Chris uses now, but still a fine design.
The hollow handle is small. Mine is packed with 3 vaseline/cotton straws and a BSA hot spark and a bit of heavy thread and a sailmakers needle only. Too small for much else.
The knife was and is sharp as hell, it handles very well, and the coating has stood up to use.
I recommend this knife fully. As far as the Aviator version is concerned I have not handled it but Chris states the saw teeth on the spine are marginal at best. I would go for the Shadow III or the Mountaineer again in a heartbeat.
The round handle and knurling bug some people but I find them to be fine.
Worth the money.