Maybe so. But we've beat this to death before.

It gives me a lot more flexibility when I'm dressed in business-casual attire, which is most of the time I'm in a city. I need my Leatherman, but the standard sheath clashes with the "professional man" dress code. And being "respectable" -- well-dressed, well-groomed, and well-spoken -- helps smooth out a lot of problems, even if you're just returning something or waiting in a long checkout line. Staff will often make an extra effort to help you. It happens to me all the time.