I consider the Leatherman (mine's a Wave) to be a Jack-of-all-trades Master-of-none. The blade and handling characteristics are terrible compared to my Spyderco folder. The can opener works, but doesn't rival a dedicated one (even the lowly P-38/P-51 type). The screwdrivers are quite horrible compared to dedicated drivers. The pliers are actually pretty good, but still not up to even an inexpensive pair of single purpose needlenose.

If you often need all those tools on you and can only carry something small, sure, the Leatherman is great. But, given a choice, I will ALWAYS reach for something better (a single purpose tool) if one is even remotely available. With all the tools on the Leatherman, when I used to EDC one, I found that the only tool I routinely used was the knife. So now I just EDC ... a knife. The Leatherman has been relegated to my EDC bag, which is usually close to me (maybe in the car), but not always ON me.