A Big Ol' Knife
This is a HUGE knife. Although its got a bunch of neat-o stuff in it, I'm a bit unsure about it. Its typical Victorinox quality (which happens to be fantastic), and has tons of little ingenious things about it. When I first got it, I thought "When the heck am I ever going to use this little thingy," but as it turns out, I've used every tool in bunch, and been thankful I had it. The pen is handy, the straight pin is good for splinters, hook for tying knots with cold fingers, chisel for carving, reamer/leather sewing thingy for punching holes into just about anything including sheet metal (incidentally, I've never used it for sewing), and the list goes on and on. But the only issue about these are the pliers. Yeah, sure, they are useful and all, but they just aren't heavy duty enough to do any real around the house/shop work, and they make the knife so stinking big. Although they are GREAT for pulling hooks out of a fish, they just don't cut it compared to a Leatherman.
If you want a do everything tool, this is a good knife. I had mine for ten or fifteen years, and it was always handy and I loved it. However, when I lost it, I ended up getting a Champion Plus which is nearly the same but without the pliers. And although it doesn't have the pliers, I actually love it much much more. It fits in my hand better, it fits my pockets better, and it fits my pack better. And the pliers? Well, I don't really miss them much.
Like I said, if you need pliers, go with a Leatherman. If you don't need pliers, go with the Champion Plus (its also 1/3 the price!). If you want it all, then this is the closest thing you'll get, but you just won't get it all with this one.