What's the problem with the phillips bit? A #1 bit fits a #1 screw, a #2 bit fits a #2 screw. Call me picky, but the reason you see so many stripped out phillips screws is folks use the wrong size bit (and yeah, I bought the bit kit)
As for only closing at the tip - I guess you never work with things like ultra fine magnet wire and the like. It just means that I'll have to grab a set of real pliers. It's not RIGHT, it's OK, but..
I'll have to say that the TTi seems (from first impressions) to be the best multi-tool out YET - but it's NOT perfect. I want the file to cut like a Grobert/Sandvick - I want the pliers to be as good (or better) then Klien (and for the tips to meet like a pair of Lindstroms), I want the blade to be at least as good as a spyderco - and would prefer say, Sebenza quality (although I'll take a nice talonite blade like a Mayo..)
In other words - I judge against the theoretical "perfect" - it's GOOD - maybe a 7-8 as of now - there is NO 10.0 here