The Leatherman Free P4
I first read about Leatherman tools in Whole Earth Review some time in the early '90s. I finally bought one for myself after I enlisted: They were de rigueur for Signal Corps people.
Mine earned back the money I spent on it the first time I had to straighten out two of the over 50 little gold pins in a COMSEC connector on an older model SINCGARS. I had that one for years after my enlistment, even after I broke off the tip of the knife and wore it out so thoroughly that I had to replace part of it with a nut and bolt.
I've had a few since then: I keep a Signal in the trailer for camping and hiking, and have a Free T2 as a general purpose pocket knife. I've also got a Micra that goes in my bag.
I liked the Free T2 so much that I just got a Free P4 for around the house. The Free series use magnetic locking and make all the tools (except the pliers) available without having to unfold. The opening mechanism for the pliers has a really interesting feel that may improve on the experience of older tools, which always needed some breaking in before you could get them open with just a snap of the wrist, but I'll have to experiment.
The P4 is also the first Leatherman in a while to which I've had a real "I love this object" reaction. My first Pocket Survival Tool in 1994 felt so incredibly clever and sturdy. As Leatherman has diversified its lineup and experimented with different approaches I've had varying reactions and even felt a little exhaustion when I've shopped for one.
I can feel the P4's, I dunno, spiritual descent from my original Pocket Survival Tool, even as it is a more complex, more versatile, chunkier device. Definitely not one to carry in a hip pocket for any length of time — you could do that with the Survival Tool — but not so huge that it's cumbersome to have it on my belt on project and chore days.