I've heard this discussion quite a bit in backpacker/hunter circles. I find that the longer the trip - the larger the knife I need. If I'm car camping overnight and fishing then I bring the Leatherman Wave with me. I use the pliers, wire cutters, & scissors. If I'm out for a week or more in the "back country" then I carry the Ontario Rat 7 with a serrated blade. It's good for cleaning animals, chopping sticks, and splitting wood.