Having a choil on a knife has a number of significant drawbacks :
1) The choil isn't sharpened, that is basically what makes it a choil, and thus you can't cut with it and therefore you lose edge length. You can't cut as deep into thick material, nor will you slice as deep on a stroke as you would on the same knife that was fully sharpened. The difference is also greater than just the choil length, as you can't cut right to the choil or you will get hangups. On a very small blade, this difference is much more significant than on a large blade, just consider the percentages of a half an inch choil on a three inch knife as compared to a ten inch one.
2) You are forced to cut out along the blade, the contact point is further away from your grip. This lowers control as you lose precision, and it lowers power as it induces a torque disadvantage. If you work with the point you are also at a disadvantage as it is further away than it would be on a fully sharpened knife with the same edge length. This again lowers the control and the power. It makes you exert more force to get the same level of cutting ability, and this loss in efficiency is compounded by the loss of precision.
Now you could argue that can't you just hold the blade up on the handle, around the choil. Now you would be cutting right infront of your grip just as you would if the knife was fully sharpened. Well yes you can. However the ergonomics and security in this grip are rather poor compared to holding onto the knife by the actual handle. The contact pressure is five to ten times as much, so extended work isn't practical.
Jeff as usual made some very strong points as to the advantage of such a choil. On a cutting board in the kitchen, puukkos do not work well because you have to have the blade at an angle to keep your hand off the board. This is why traditional chef's and utility kitchen knives have dropped blades. Puukkos however do excel at paring knife chores in the kitchen, as like paring knives they are fully sharpened. For most "camp" type food prep, I don't use a cutting board, as I don't carry one on me, and the food is mainly pared up in hand, which is optimal with a fully sharpened knife, puukko style, edge right back to the handle.
-Cliff