I bought a $1.99 one 35 years ago and used it for a summer
cutting lines for surveys and trail construction in Washington State. It has soft
steel which is easily sharpened with a file and stone.
Large nicks in the blade from hitting stones don't seem
to effect its function.

Use a pulling stroke, it will do a lot that a hatchet or
pole axe will do and when cutting overhead it will save a lot of energy.

I used a wrist cord so a slip won't have the blade flying
through the air. This is important when working around
others and also is an energy saver. Kind of like the straps
on Cross Country Ski Poles.

Having bounced it several times off my shin and leg, I don't
think chaps are needed. Gloves are tho when you sharpen it.

I have also used it to make snow blocks for a shelter,
similar the the Inuit's man's knife.