The two items on my Leatherman Squirt that I use most are the pliers and the nail file. Also the tiny screwdriver to tighten the screws on my glasses. So far I've found the knife blade, small as it is, quite sufficient when I need to cut something (moleskin, duct tape, frizz sticks for fire kindling, a point on a stick to replace a lost tent stake, my fingers...).

I have found quite a bit of use for the pliers. In addition to using them as a pot lifter (I've tried the bandanna, and either it gets wet or I burn a hole in it--both in the later case), I often use them where others with more dexterity would use their fingers. I never have had a lot of strength or dexterity in my fingertips, so I find the pliers (and occasionally a screwdriver) a big help for everything from adjusting pack straps to helping with fiddly knots.

I don't use mayonnaise, even at home, but when I spread hummus or peanut butter I generally use my spoon rather than my knife. I really don't want to try licking off that sharp blade!

I really would question the need for a second knife with the Squirt!