In most situations a sturdy folder or small fixed blade will be all you need but that depends on where you are and what you bring with you other than the knife.

Where I live in Brazil we have all sorts of stuff that large blades are far better for. You can't move well without a machete. The machete is also better for digging and shelter construction, clearing campsites etc. Machete's are lacking in their ability to pry and pierce, as well as all the small whittling jobs that small blades are good for. You really can't get away with one small blade here. I tend to pair my machete with a small, stiff, pointy fixed blade knife.

The large 7 inch knife, a BK-7 in my case, is a make-do compromise of the one-blade concept. They are every bit as good as a machete for taking apart palm trees and dealing with bamboo, openeing coconuts etc. They are a poor substitute for hacking your way through dense undergrowth. They clear campsites well enough and are great for shelter building tasks.

I would not want to be caught out here with only a small folder, no matter how well made. That's my take from South America. Mac