It would seem like an "el cheapo" folder would be just asking for trouble - considering its role is to get you through a survival situation. Being a Scout leader I see a lot of cheap folder breaking.

Just the other weekend a boy had brought along a nice looking REI-branded knife, and a screw came out and it kind of fell apart on him. I don't know who made it for REI, but I'd be hesitant about their knives. I just looked at their web site - there is only one REI knife - a mini-multi-tool I think that was the one that broke.

You might consider one of Doug's CRKT Mk5 fixed blade knives for only about $18 (they are pretty slick little knives - especially for the price) OR at least a higher quality folder.

On the other hand, if you already EDC a higher quality knife, and that is just a backup, then its probably just fine.

BTW, I'm not sure if you'd seen this picture on Doug's description for the Mk5, but I really like it: