I'm pretty uncomfortable with the notion of knife companies pitching bladeless multis to the masses ... "Just think, now you can carry a multi-tool without that ghastly <i>knife</i> being involved!"
I understand your point - that we knife knuts usually have a better blade on hand anyway. But keep in mind that we're the minority. For most average Joes, if they're toting a Leatherman on their belt at work, that's it, that's their knife, period.
To make a go of this type of thing, a manufacturer would have to sell it to the masses, naturally, and I see two potential pitches: A) it's a multi that you can take on planes, into courthouses, etc. (well, we all know that's bunk, just try taking a pair of needlenose pliers through an airport security check). And B) as I mentioned before, the "why carry an <i>icky</i> knife if you don't have to!?" angle. That's not a message I want Leatherman, Gerber, SOG, Buck, Schrade, etc. putting out. We have a hard enough time keeping the sheeple in check without knife companies enabling their bogus anti-knife attitudes, intended or not.