My currently preferred "weekend" carry (if I'm not on the water) is a Gerber Harsey Airframe (plain edge, black handles, 154cm, "1 of 1000", yadda yadda) which has a 4 inch blade. That's a little long for a vertical hip pocket (wallet) carry, though a diagonal rig of some sort might work.
It is surprising how difficult it is to find a decent FLAT folder.
I really liked the Air Frame when I saw (may still get one), but it is way too thick for discreet carry. I decided to go with a Harsey Air Ranger II. The blade is comparable to the Air Frame, but the body is quite a bit thinner, and it's still dressy enough to go to the opera.
I'm a technology consultant, and I go in and out of all sorts of different enviroments. Other than the work I did for the Mercer County Prosecutor's Office (which required going in and out of court buildings), I've never had a problem with my knives (yes, plural).
I think the best way to handle it is to be as discreet as possible. I generally carry at least four knives with me at all times while working:
1. Victorinox Classic or Midnite Manager II, for box opening and other utility work, especially when somebody asks the inevitable question, "Does anyone have a knife?"
2. Victorinox Money Clip. Backup for the smaller one.
3. Gerber Harsey Air Ranger II. The big knife. NEVER gets used for anything utilitarian so that the edge stays sharp for real emergencies. Legal in NYC (less than 4" blade). Incidentally, the Air Frame is also slightly less than 4". I believe the Air Frame is 3.875", while the Air Ranger II is 3.75". Same blade style, slightly different steel.
4. Leatherman Wave (OK, counts as two knives). Mostly for the tool kit. Useful for opening up computer cases.
When I'm in The City, I will also frequently stash a Benchmade 100 River and Rescue in my brief for disaster use (nice sturdy, safe-ish tip). I also frequent rock concerts, so in those venues where pat-down searches are the norm, I'll put my SOG Access Card in my "sport" wallet. The wallet doesn't ever get searched. I especially worry about being in large crowds in limited access buildings in a disaster or emergency situation.
The Air Ranger gets clipped to either my front pocket or rear, depending on what I'm wearing (pocket style vs. clip-ability, do I want the pants to get roughed up by the finish of the knife). Most people never notice the knife, and having something small and innocuous like a Classic or Money Clip on hand keeps the Air Ranger sharp and out of sight.