I'm a complete Chris Reeve one piece fan, having used a Project II for years.
Good points:
Will take a keen edge; hold it for a considerable time; will not chip out.
Sturdy blade that you can pry with.
Strong point that I haven't been able to break.
Great coating that lasts and lasts. No rust that an oily rag once in a while wouldn't keep at bay.
Outstanding grip that holds as fast as your own grip power, especially if you get a kick back (you don't want to break your wrist). Best when your hands are a little work hardened, but even so works when your hands are numb with cold and covered in slippy grit.
Cross guard/tines just the right size.
Weight just right for both chops and tight control work; that can't be said for bigger heavier blades.
Good back for applying pressure on for chisel cutting and hammering.
Nice flat to the top of the handle for drilling and digging.
The teeth start the cut on those hard nylon ropes.
Nice watertight compartment for putting whatever you like in; some cord and a couple of advanced band aids.
Fantastic sheath with its stud retainer. No excuse for leaving your knife on the ground. Nice and quiet!
If its that cold you would be wearing gloves.
My thoughts are that unless you want to cut a pile of logs or build a log cabin, you don't need more knife. Then you need a machete or an axe.
I've had so many adventures with my PII that I've sent it back for a spruce up. Don't worry I bought a PI to use while its away. I'm also testing a Shaddow III, but this is a little knife and has a slightly different role. Will post my finding in the future.
Projects: best investment in knives I've made. There is nothing yet of this size that I've picked up that could make me change - and I've played with a few.