I like them a lot. Now, I'm more a dabbler than a collector, so I cannot speak with much authority. Nonetheless, these have quickly become my favorite knives, otherwise, why would I buy two?
The action is the attraction. Opening, closing, fidgeting--it's all so liquid smooth. The Shark Lock is quite the innovation: strong, positive, easy to engage and easy to release. And it is the Shark Lock you are paying for. From a materials standpoint, the knives are unduly expensive, though their fabrication seems first class.
You usually find such steels as these--D2 on the red knife and AUS10A on the black--on sub $100 knives. Similarly, the scales are Grivory, another sub $100 choice (though I believe Demko's $400+ AD20 is thus equipped). But the bite is not all that bad, considering how well the knives function.
Right now, I'm about to switch backspacers strictly as a matter of style. A red stripe on a black knife and a black stripe on a red knife both appeal to me. As for the Skiff bearings, they're just a luxury addition as I will have the knives disassembled anyway. Plus, they're only $13 or so per set, so why not?
There are other imponderables to debate. Is $150 too much to pay for a made-in-Taiwan knife? Not these days, I don't think. As I said, the quality of the manufacture seems first-rate. How do they compare with, say, Benchmades? Quite well, I would say. While both my BMs--an Osborne and a Bugout--employ better steels (M4 and 20CV, respectively), they cost more. Do they perform perceptibly better? I would say no, at least not for me. Then there are the locks. BM's Axis Lock is an ingenious and effective mechanism, but I believe the Shark Lock is superior. It feels more positive and it does away with the oft-debated "omega" springs.
So there you have it: my purely subjective view of the Demko AD20.5. I hope this helps you in your decision making.
