I used to own a Desperado. It was a constant companion and hid very well. I talked to cops with it ITWB on my back and they never noticed. I study up on martial arts and the like and it's a very fast and fluid blade, switches grips almost instantaneously. For self-defense It's great.
As for other uses, It surely has it's limitations in that it has a small grip, is fully serrated, and you can't choke up on the blade to well. However, I once did custruct a small runway, and then had to pry about a hundred staples and tacks from the board, and being that the staples were exceedingly tight, I had to use the very tip. No problem, worked like a charm. Even pried loose a board or too nailed tight, but I DEFINATELY wouldn't make that a habit. I also used to practice slashing and thrusting manuvers (safely away from civilization, and taking proper safety measures)into a tree. Great knife, durable.
The knife is definately a good investment, can be a decent utility knife and is very unobstusive, but I would suggest an SRK for this, and save the Desperado to save your hide. (Also if a cop sees it, you're pretty much f***ed).