I heard a lot of stories about people losing a knife from out of checked luggage. If you have something like a spyderco, you can run a little lock cable through the blade hole and attach it to the inside of the suitcase.
I wouldn't travel with something you're not willing to lose.
Back in 83 (or was it 84?), I went through Israel and England, and back to the US. Carried a Gerber Bolt Action folder in my pocket the whole time. Never set off the metal detectors.
Metal detectors are a whole lot better nowadays.