I own one as well (I keep it in my snowmobile), but I never did trust the magnet retention system. Therefore, I always took/take the knife out of the handle while using the hatchet. Probably a good thing that I did.

I've never been a huge fan of Gerbers/Fiskars larger axes, preferring a true axe from Snow and Nealley or Gransfors Bruks. However, I do love their little hatchet. The small size, reasonable price, and low maintenance requirement (stainless head with a fiberglass shaft) means they seem to find their way into a bunch of my kits and vehicles. I've used my original Back Paxe to build quite a few improvised shelters and accompanying fires, and, so far, it has never let me down.

I also own a Gerber Brush Thinner, which I really like. I find it to be more effective than a traditional machete.