Hello Ace!
I currently own Leatherman Waves (new model and an old model), a Gerber Multiplier 600, and a Gerber Diesel (along with many, many other small or off-brand multitools). I carry my Wave on a daily basis. I used to be a Gerber Guy all the way, but when I bought my new Wave, I simply fell in love with it. The only advantage that the Gerbers have over the Leatherman is the fact that you can use the jaws to grip something from the inside out (picture putting them into some small PVC and expanding the jaws out). The Leatherman handles will simply close if you attempt to do this.
That being said, there are numerous features about the Wave that I like better than the Gerbers. First, the knives, file and saw are on the outside so you don't have to open the tool to get at them. Second, when the blades are open, they fall flush with the edge, much more like a true knife. Third, there is a dedicated straight edge and a dedicated serrated edge. The jaws feel much more stable on the Wave as well (though, admittedly, I have never broken a pair from either company). I know other people have had some minor problems with their Waves, but many of the complaints I have heard are about the old model and were fixed with the updates.
Just my $0.02! Hope you find something you like!
