What makes any knife worth the asking price?
The EK knives are made to do a job and they do that job very well as proven through half dozen wars. Even now there a probably a good number of EK knives serving in the sandbox. Models 1,2,3, and 4 are mission oriented, the Model 5 is more versatile. These knives are not meant for "batoning", they are not made for general camp use, they are not made for food prep. They are made for soldiers to use as a weapon. They are not pretty knives, that was not what they were designed for. But the grip design is very secure in the hand, even when wet. Rather than being made to chop wood these knives were designed to slip between ribs and vertebrae.
No, this is not a knife for everyone...it wasn't meant to be. It was made to be an improvement on the Fairbairn-Sykes stiletto which had a reputation for being a bit fragile in a couple of areas. It has been called “the arms-carrying professional’s blade”.
As for quality...Ek went through several changes over the years, many companies have done the same and suffered for it (Harley Davidson comes to mind). And for a brief time quality did suffer as mass production put quantity before quality. But in 1997 a group of EK employees bought the company and the high standards of quality of the pre-93 knives became the ruler they new knives were measured against.
I am retired Army, if I was still active and headed for the sand box I would not hesitate to take a new Model 3 or 4 with me. I know they can be depended on to do the job they were designed for without breaking. I wouldn't even mind taking my Model DP-6 with me, it's bowie shape just adds a bit of versatility making it a bit more of a slicer. The fact that for over 65 years EK has been one of the knives chosen by professional soldiers speaks for itself.
for those interested in a bit of history here is a good basic history of the knives.
http://reviews.ebay.com/EK-Knives-A-Short-Introduction_W0QQugidZ10000000002133047