My Leatherman PST (or is it a PST II ??? what's the difference ? is there a different marking on the tool ?) came with a nylon sheath.
I have worn it for some years now.
Still good.

As for leather, I ordered a combo sheath (PST + SF6P) two years ago from a canadian guy. Paid for it. Never got it. Too bad...
So I can't tell ...

But I would say it sure looks better ...