Hmmm. Good food for thought here, but your local conditions sure make a difference. I don't think I have EVER carried an ax into the back country, and I have to admit that I really don't get the use for the leatherman, either. What part of shelter, food, water does it meet?

But I spend most of my time in the Sierra, where you are never more than a couple of days' hike from a trailhead. And you can live on water alone to get that far. So as long as I keep warm and hydrated, I don't worry about that many tools...