I understand your hesitancy to spend $75 - $100 on a single tool. When I was considering the same decision, I weighed the benefits of the multi-tool with the larger number of survival tools for the same amount (Ritter PSK + Pocket FAK + Nalgene Bottle + Katadyn Micropur Tabs + Photon microlight + some other small items).

I finally settled on eventually buying it all over a period of six months. I chose the Leatherman Charge Ti because of the quality of steel used in the blade and it had a better grip for me than the Wave.

The reality is we do have a limited number of dollars and a variety of equipment that we individually think it will be valuable given our circumstances. I love my Charge Ti because it saves me the hassle of putting an entire toolbox on my back when traveling. I due keep extra tools in the classroom, car and garage, but I don't want them in my pockets/on my belt for EDC purposes. You may find that you prefer to keep other tools around. It becomes a personal preference. It also may be a consideration of backup/reserve gear. Why carry only one high quality knife when I can also carry leatherman as well. Murphy's law dictates that I'll probably lose one in an emergency.

I completely agree that one shouldn't carry a piece of gear just because an expert carries it. The best multi-tool on the planet would be useless to me if I wasn't aware of its features and knew how to use them safely and properly.