I own several CQC-7's, waved and not, combo edge and plain, old and new, and never really liked the design. Every time I spot a good deal one one, however, I end up buying it. Over time, the design grew on me. The true genius behind the design isn't immediately apparent, but it's a slim, lightweight, extremely strong knife that is very unobtrusive; it does a lot more work than it's little size might suggest. It's got an excellent piercing point, the blade is short and thus strong, and the blade doesn't overwhelm the knife assembly. Too big a blade can put too much stress on the rest of the knife and cause a failure. The CQC-7, not so much.
I think the CQC-7 is really everything a knife of that purpose should be, with everything else whittled away.
I don't like tanto points for most of my daily use; the CQC-7 is really ideally suited for a quick and handy fighting tool. I love the recurve of the Commander for slicing and doing most things, but the CQC-7 seems to fill a niche that won't go away. Everyone ought to own at least one.