I do see your point and I don't have a problem with the more traditional or less-exotic steels, but the cost is my only concern - if I'm getting what I paid for in the way of quality craftsmanship, then I'm ok with that (and it sounds like the GEC knives are well worth it).
I wouldn't hesitate to buy a GEC if I had the coin. There are a few that are on my radar screen to be sure.
This will probably fall in the rotation of my "Church Knives" or knives that I carry when dressed up a little (I work in an office and have to dress up from time to time). I still end up cutting paper-products or open boxes, and cut strings or plastic bindings on packages, but this will most likely be a light-duty knife - I won't be attempting to do any survivalist stuff with it (though if I got a whittler, I'd be forced to do some carving/whittling with it

).
My norm EDC is a medium-to-large sized Spyderco or Kershaw and my SAK Midnight Mini-champ attached to my keys, so if I was to carry this one, it might end up being carried with another larger folder as well.
Length of the main blade and what you wear normally definitely are things to consider. Most of my time in the office, I'm wearing jeans, khakis or some other heavy, loose fitting pant. I don't like clipped knives and with the pant I wear, I don't mind a folder with some length or heft. I regularly carry an Opinel #8 (very light, blade is in the 3.25" range) and just got a Buck 500 (substantial, 3" blade) and both carry fine for me in those kinds of pants. One thing I like about a larger non-clipped knife is that I can easily reach *past* them to get change out of my pocket. With smaller knives, I need to grab the knife and change at the same time.
That said, when I wear slacks, I do prefer a lighter, thinner knife. My Schrade 5OT fits that bill and if I were to replace it today, it would be with a Buck 501 or a Buck Canoe (nice thin profile).
(pictures of my most commonly carried knives follow in a bit...)
Regarding patterns... Here's an excerpt to a little tutorial I wrote for my nephew last year. I'm sorry for the basic tone of it, but I find this categorization helpful when sorting out traditional folders.
I think of pocket knifes as fitting into 4 major groups: slip-joints, locking hunters, farmer's or peasant knives and Swiss Army Knives.
The most common pocket knife is the slip-joint, which means that the blade opens and closes under pressure from a spring. Slip joints tend to be well under 4" when closed but can be a bit on the heavy side. There are a gazillion different patterns and blade styles and many of them grew out of different working traditions. If slip-joints appeal to you, it's worth spending a bit of time looking at the different patterns to get a better idea of which style appeals to you. Both the Buck and Case web sites are good places to start.
The Buck 110 was introduced in the 1960s and attempted to provide the durability of a fixed blade knife in a folding style. These are big knives and are meant to be carried in a belt holster. The Buck 110 became hugely popular among workmen and was widely copied by many US makers such as Kabar and Schrade. The blade locks into position with a sturdy "lock-back" design which requires your thumb to unlock. Over time, smaller versions of the folding hunter became available. Those that are in the 4" range when closed become usable as pocket knifes, but there is a quite a range available from thin to thick.
Somewhere in between the small slip-joints and the big folding hunters are the farmer's or peasant's knives. The two most prominent examples are the French Opinel and the US "Sodbuster". Generally these are about 4" when folded. Their blades tend to be bigger than those found on most slip joints but their joint isn't as tough as brass bolstered folding hunters. They are also known for being light and arguably, they give the most cutting for the least weight of all of the traditional designs.
Lastly, there is the Swiss Army Knife (SAK). I'm including them for completeness. They are generally slip-joints but there's so many of them and the fans are so loyal, they're worth mentioning separately.
Some of my most commonly carried knives...
The Buck 500. The blade is 3" and I don't generally feel under knifed for any EDC or utility use.
Buck 500 Duke by
Pinnah, on Flickr
The Opinel #8. These are love em/hate em knives. I love em. They're inexpensive and need some modification to make them your own. They out slice anything pretty much and despite their light weight and stupidly low price, mine has proven to be very tough and capable.
opinel-leaves by
Pinnah, on Flickr
Schrade 5OT lockback. Blade is about 2.75" long. Roughly equivalent to the Buck 501 only this oldie has a 1095 blade. I would consider replacing this with a Buck 501 or 503 someday for the prettier wood scales.
schrade-5ot by
Pinnah, on Flickr
These are *my* choices and not yours. That's the thing about traditionals, there are so many more choices. You have to find what speaks to you.