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I very much like my Becker Crewman for it's 5 inch blade. Seems a perfect balance of blade and handle for me. I like my smaller Grohman #1 for daintier tasks, but it just doesn't have the heft and strength.
My personal opinion on this one it NO. In fact I have been on a big down sizing campaign lately and am going backpacking this weekend with just a SAK Farmer, Opi saw, and a Wetterling Hunters 15" axe.
Some will say I'm way under knifed. Your decision to carry a 4" blade is a sound one IMO especially if you're pairing it with other gear. I.E. saw, axe, ect......
I think whether or not it buys you anything is up to you.
Me, I have exceptionally wide hands, and the 4.5" blade on my R-10 handle much better than a blade that is much smaller (I don't really like 3" or below). So if you have large hands, it may prove easier to use.
I think it was Mors Kochanski that recommended a knife that was the width of your palm (roughly 4" for most people) plus or minus 1 inch. I believe the plus or minus is there because any knife in that range will do for the jobs that need to be done. I.e. there's little practical difference in utility of the knife in the 3-5" range. Just differences in handling which is a personal thing.
Something I've found myself doing lately is abandoning the concept of the "Nessmuk trio" and going with the. . ."Punishment duo"Basically a large hatchet or kukri and a knife in the 4-5" range. I found myself never using the knife between those sizes, and almost never using a smaller one.
A 5-inch blade buys you inconvenience, not practicality. The mid-sized knives are rather "jack of all trades, master of none" type. Under 4" is much better for any work requiring precision. And for work that requires size, length and weight, 6" and up is much better than 5" can hope to be.