In a crisis I'd rather have the multitool.

I do in fact carry a small multitool (a Juice CS4) rather than a decent knife when in town. I'm more concerned about being stuck in an lift (err, elevator) in a power cut than I am about having to split logs or build a shelter. If I do have to work with wood, the woodsaw will be handy. For many jobs (eg cutting clothing) I feel more comfortable using scissors than a knife. In an urban environment screwdrivers can be vital. Pliers too, if only for picking up things I don't want to touch with my hand (eg because they are too hot, or spikey or unclean).

Also, decent knifes are a controversial carry in the UK.