I have a Wave and I love it..goes with me everywhere. You might take a closer look though. My Wave has four external lockable features...a file, a saw, serrated blade and plain blade..plus has scissors on the inside. So check it out again. You won't regret the purchase...I haven't.

In regards to the leather sheath...the only positive thing I can say is the snap closure makes sure it doesn't fall out. If you ever get it wet...it holds the moisture next to the Wave...I prefer a drainable sheath...but other than that, I have not been disappointed!