I don't usually look at the sheath when I'm buying a knife. I buy the knife I want and then the sheath is a secondary issue. If it comes with a good sheath, that's a plus. If not, I eventually get around to rectifying it.

Speaking of which, I've got a Benchmade 201 Activator sitting in my closet right now. I absolutely love the knife, but I hate the factory sheath. I keep meaning to find someone to make me a nice new sheath (a nice IWB kydex one would be perfect), but it's one of those things that is so far on the back-burner that it's likely going to take another year or two before I finally get around to doing it.