To address the lesser steel quality of the multitool blade there are several other cutting blades available, just chose wisely what to use for what.
Has anyone died as a result of the "lesser steel quality" of their blade. I can get Wave blade to the point that I can shave forearm hairs (I use a Sharpmaker) and I do this now and then, most likely before a prolonged field trip. When I am actually going to shave, I go with a cheap disposable razor. When I cut paper, I use scissors. Frankly, I think a lot of the dithering about steel types doesn't translate to real world effectiveness.
I have been carrying my Wave for about two years, and it hass gotten to the point where it opens very nicely with one finger as I draw it from its holster. I am very comfortable with it at this point.