This is a great thread.

I carry a Leatherman Multitool with a regular blade that I use from time to time (it's very sharp), but I also have a cheap pocket knife that is 1/2 serrated.

I like the serrated to cut rope etc, but I do find trying to sharpen the ridges to be a time consuming task. I suspect the leathermans knife would probably do just as well.

I have always like the SOG FLASH II knives, but haven't gotten around to ordering one. I had picked out the one that was serrated, but after reading this, might actually change my mind.