That is a great little design. A fixed blade is always safer and more reliable than a folder and that design allows for pocket carry or even attached to you belt loop, pack or key chain. Looks like a winner!
The knife arrived yesterday. I am very happy with it. When you unfold the sheath it actually serves as an extension of the handle giving a better grip. The knife was razor sharp and it sliced up a few boxes with ease. I am not sure how I am going to carry it. I may just throw it my coat pocket or use one Nite Ize's S-Biners. I am going to take it hiking in the next week or so and run it through a few more paces. Once last thing, it looks as though you can remove the sheath completely from the knife and use a traditional sheath instead. For under $50 I would say it's a good deal.