I have an original Leatherman PST, and have bought a number of their other tools since then. Love 'em. I'm constantly using them in the datacenter, on the range, on bike rides, at the campsite and occasionally on hikes. I don't consider an emergency kit (BOB, whatever you want to call it) complete without one.

A good locking folder has its place for me, though. That place is in heavy cutting tasks, precision cutting tasks or (very rarely) where you need a knife right now, and don't have time for the slower opening of a multitool's blade. Even the Wave and the Surge are slower in my hands than a locking folder.

So I carry both, pretty much constantly. It works for me. If they made a Leatherman with a one-hand-opening blade with S30V steel and as solid a lockup as my miniRittergrip, I might change my mind.