Seems like I've owned most every muli-tool on the market at some time, and I still like the old SOG Paratool and the Original leatherman the best for my purposes. But then each tool is really designed for a different purpose, so it's hard to say which one is the best. There are a lot of new improvements and features on some of the latest ones, but just like with everything else, once something really catches on, it's only a matter of time before the market is flooded with useless features. I think someone used the term "creeping featurism" to describe what happens to things like this.
The reason I like the SOG is because it's relatively small (like the original leatherman), and that's probably the most important priority on my list. Anything larger, and i proabably wouldn't carry it. And it can be opened one handed if necessary. I thought that would a really useful feature, but I wouldn't say it's an absolute necessity. But it doesn't have the locking features like some of the newer ones, which could be good or bad. I prefer the smaller size to having locking instruments, because I only use it for emergencies or quick repairs, when I don't have access to other tools. I figure, if you're going to be using the tool a lot, doesnt' matter which tool you have, it's better to carry a regular knife or screwdriver with you, rather than one of these multi-tools. No multi-tool is going to be able to take the place of a single purpose tool for ease of use or comfort.
I also had a the old gerber multi-tool, I like the one-handed openeing feature, but the pliers were useless when opened. The handles were parallel when closed, so it would always pinch my hand when using it, and it was hard to get a good grip on things. I think they fixed that problem, but I still didn't like the quality of the tool. Everything seemed kinda loose, and if I used it too hard, i think I probably would've broken it. And it was pretty large compared to the previous two.
definitely check out equipped.org for some really good reviews.
Whatever tool you choose, just try not to get caught up with all the latest gizmos and stuff. Most of that stuff will just end up being dead weight in your pocket, or worse yet, you'll just end up leaving it at home because it's too big and heavy (I have a lot of experience with this /ubbthreads/images/graemlins/mecry.gif ). The same thing happened with Swiss army knives, they just kept getting bigger and heavier, with more features I'd never use. It almost became a competition to see who could pack the most useless stuff between two red slabs of plastic.
Oh yeah, one more thing. I might be the only one who would suggest buying those cheap $5 knock offs, but they do serve a purpose. You could buy a couple of those to take with you, they're really nice to have when you don't want to lose your $70 tool, or if you need to abuse it a little. Just think of it as disposable tooling. I can think of many times I was glad to use one of those instead of my own tool.