A knife can certainly be used as a viable self-defense weapon. With proper training and a sound knowledge of human anatomy, even a small knife can be used to disable a violent attacker. My approach to knife tactics--Martial Blade Concepts--is based on the logic that you will fight with the knife you actually carry (probably something small and legally permissible) and that your goal is to stop the threat. The most efficient way to do that is to cut and cripple the body parts that allow him to pose a threat to you by severing muscles, tendons, and peripheral nerves. That aspect of MBC's approach to tactics has been reviewed in detail by many medical professionals and found to be reasonable and valid.
Because Wharncliffe blades cut with full power all the way to the point but do not snag on bone like many hawkbills, they offer the maximum cutting potential in a short, legal-to-carry knife. For that reason, I prefer them for self-defense carry.
As far as the gun versus knife thing, cliches are a poor substitute for skill and sound tactics. If you can carry a gun, carry one (I do). When I can't--like when I was assigned overseas or when I travel internationally now--the knife was the next-best thing.
If you are drawing ANY lethal weapon, you should be doing so because you can articulate the fact that you are in fear for your life or in fear of serious bodily injury. That means you are typically drawing in response to the presence of an attacker's lethal weapon. That also means that you must have the skill and ability to "earn your draw" and get your knife into action under stress. For the record, I am not against Wave Openers on knives. They are indeed the fastest way to get a folding knife into a fight and they do allow you to achieve reliable openings with less practice time. Unfortunately, including a Wave was not on option on any knives I've designed to date because the companies producing them did not want to pay royalties for fair use of that feature when the patent was still in effect.
The other disadvantages of the Wave were that very few Waved knives that I would trust were available with matching training knives and, if you train a lot--as I try to do--Waves are very rough on your pockets.
Finally, for anyone who likes my Yojimbo 2 folder from Spyderco, a company called 5x5 Combat Solutions is making a very slick "bolt-on" Wave attachment for it called a "Pickpocket." I just ordered a few and they work like magic...
Wishing everyone a safe and Happy New Year!
Stay safe,
Mike