There are some good links - videos and other info on this thread that I started basically asking the same question -
http://www.bladeforums.com/forums/showthread.php/1367037-Wrist-lanyards-on-machetes-or-choppers-good-idea-or-not
TexasTactical has a video that was informative.
After reading the replies I did attach a lanyard to my chopper and within 10 minutes of some work in the back yard I took it off the chopper. I felt that it was serving no useful purpose and more to the point it was a distraction. Yes - they wear lanyards on choppers in chopping competitions but that is not my scenario. I am not running around on a timed course and flying through my chopping objectives. My woodswork is more controlled and deliberate. No one in sight (usually) and I am by nature an attentive tool user. No lanyards on choppers for me.
I also put one on my Baker
Viper which is a 4-1/2" fixed blade. Tried some of the various wraps as shown in the links of my thread. As I have NEVER used a lanyard on a knife or other hand tool (
I am a 30+ year woodworker) this lanyard was an experiment. My conclusion is that when using a knife in a situation that dropping it will mean losing it - a lanyard is essential but for day to day and around the camp type stuff the lanyard is just an accessory. I am now intent on developing a lanyard that can be attached and removed with a clip. I would have this with my gear as a safety item to be used in questionable situations but otherwise the knife would not have a lanyard attached.
Now I know someone will likely comment here that you never know what a "questionable situation" might be. Accidents happen. I admit that my choice to use or not to use will be calculated but I trust my instincts. If my little voice says -
lanyard time - so it will be. Otherwise I will go along blithely lanyard free, as I have always done.