Cho, the Sebenza's price cannot be justified when speaking STRICTLY of functioning as a knife. The Sebenza is not going to cut 230 dollars better than the S.E.R.E. 2000. On the other hand, if you appreciate fine knives and enjoy owning quality backed up by a company you can trust, the Sebenza is far ahead. The S.E.R.E. is a good knife and probably worth the money to most people. The Sebenza's merits from what I have seen are listed below:
-Excellent quality
-Great steel
-Superb customer service
-Ability to take knife apart and clean it
-Unprecendented lock
The S.E.R.E. probably beats the Sebenza in areas like ergonomics when using standard grip, the G-10 handle will grip the skin better as well. VG-10 steel is great too. Since price is a concern I would go with the Al Mar. If you want a knife that truly fills the owner with pride of ownership then the Sebenza would be more suitable.
P.S. Chris Reeve Knives will most likely have better quality control than Al Mar, so if it is really important to you to receive a great knife the FIRST time, then you should consider the Sebenza