I've found the saw comes in most handy for building things/bushcraft. Say, shelters, deadfall traps, spears/bows, ect.

However, I actually prefer a good file, like the one on Leatherman wave/charge models. It will still cut and notch wood (albeit slower than the dedicated saw), however it also works to trim, sharpen, and cut metal and other hard materials that the saw doesn't work on. Therefore, in my opinion, it's the more useful of the two, as it can be used in more circumstances.

Unfortunately, Victorinox's metal file isn't as good as Leatherman's, nor do they offer it on any of the One-Handed opening models, so I'm stuck with the saw. Not my ideal configuration, but I'm still fine with it.