I love that plain edge 154CM blade. It's a really good steel IMOHO. A serrated blade is useless to me and I'll never carry one unless it happens to be one of many features of a tool (eg Gerber Multipliers, Victorinox Spirit, etc)
I agree with you on the steel. Actually, I have the older Skeletool CX that came with the serrated blade which I have mixed feelings about; for what it is - a general purpose urban tool - I do appreciate the serrations sometimes. But it definately makes it an urban-only tool for me.