The Wave is my designated motorcycle multitool. I keep it in the original leather sheath and put it in a pocket of my biking jacket. Those pockets have enough capacity to make you search for the Wave.
The Gerber is my office tool and I carry it in the sheath on my belt.

Depending on what trousers (pants <img src="images/graemlins/blush.gif" alt="" />) i'm wearing, I can usually fit large tools in my pockets comfortably. I even carry an opinel folding saw without even noticing it. This is the same size as the size 12 opinel knife.