I have a few pieces by Wally. Among them are a large camp knife in 52100 [reviewed and raved about in the KI 1997 camp knife comparison test], a small damascus tanto which may be the first mosaic damascus done in Canada, an exquisite pearl and damascus "fighting folder" [which you can see on Wally's site], a 6" damascus tanto [reviewed here last month] and two chisel ground tantos in O1, one large and one small.
I am an unabashed admirer of Wally and his work. The damascus and the 52100 are particularly nice. Master Hayes forges and tempers an excellent working blade that has all the qualities you'd expect from a Master smith - very strong and tough and keeps an excellent edge. He also makes a beautiful art or display knife, of which the pearl folder is an example. His traditional and not so traditional wraps are very very nice, the wood work on the camp knife handles are very attractive and the man also makes a mean sheath. It's a matter of taste, but i very much like his designs, which tend to simple elegance. I think his damascus will please every taste. It also cuts loke hell.
I understand he's studying traditional japanese techniques and is deep into swordmaking, but he still makes custom knives and also makes a simple O1 tanto which is in great demand by swat teams and such. The prices are really good for what you get, IMHO.
I'm not sure Wally would be my first choice for a folder, and I'm not sure he'd have the time or inclination to do one. That might change if he changes his priorities. But for a forged fixed blade with simple, elegant lines, world class forging [multiple hardening, quenching] and that will perform up there with the best of the best, and for a beautiful damascus or temper line if you like that too, Wally Hayes would be my first choice. And he's a great guy to deal with.