I have only owned a new Wave. Never owned the old one because I always preferred SOG previous to the 2004 Wave. It is very important to me that all tools lock into place. Which is why I owned a SOG PowerLock previous to my '04 Wave. Now that I have switched to the '04 Wave, what I like about it better than the SOG Powerlock is the fact that it's smaller and lighter, has a pocket clip and the blades can be easily opened with one hand . All tools lock on both new Wave and the SOG PowerLock and the SOG is far more durable with much stronger pliers but the new Wave still wins overall IMHO due to size, weight, pocket clip and one-hand opening.