Although partial serrations can have a role, when a knife has them at the handle I suspect they are there mainly to make the knife look cool.
Move to the head of the class, if you please, Mr. Brangdon.
Oh please! What knife manufacturer would ever do such a thing?
Get thee to a drollery!
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I always enjoy the "chunky vs. smooth" debate.
IMO, the majority of serrations on mass-produced blades are rubbish. They are in the wrong place, they are designed to look good rather than cut, and they are unmaintainable by the average user.
But that said, these days I find certain kinds of serrations, properly situated, highly desirable. I add my own using a diamond chainsaw file, at the forward third of the blade. Simple scallops that are simple to maintain. Over time they are sharpened out, using standard sharpening stones, and I refresh them as needed.
I find my serrations to be enormously effective in dealing with tough, fibrous vegetable matter and smaller woody branches/saplings. I find there is a longer period between sharpenings when the blade regularly dips into the dirt. It certainly lets lower-end "beater" knives punch far above their weight. There's also a safety factor IMO -- it's sometimes unavoidable (in my work) to cut toward the hand that's holding the material, and the serrated blade, used in a sawing+push forward motion, gives a lot more blade control while keeping up the pace of the work.
Does this translate to hardcore wilderness or survival use? For me, I think it does.
YMMV.