Floating Lanyard????

.... and as someone who does water and high angle rescue IMHO the purpose of a lanyard is to keep stuff attached to you. Make it long (3ft is enough) and tie it off. A thingie to pull my knife out of my pocket is not a lanyard, at least not around water.
 
or one of those thingies used for skipasses

some wire comes out where the skipass is attached to
http://www.fitness-gadgets.com/ski-snowboard/retractable-ski-pass-holder/

I bought a 4-pack of these retractable badge holders from an office-supply store for my work access-card. I use one of the remaining holders for my Buck Juno beater around the house/yard. The line is pretty sturdy and goes out beyond arms length. Drop the knife and it just hangs there, then slowly rises back up to your belt. Pretty convenient.
 
.... and as someone who does water and high angle rescue IMHO the purpose of a lanyard is to keep stuff attached to you. Make it long (3ft is enough) and tie it off. A thingie to pull my knife out of my pocket is not a lanyard, at least not around water.
For a folding knife? Sounds great. For a fixed blade? Well, I sure wouldn't want a sharp fixed blade knife free of its sheath swinging around like an out of control pendulum.
 
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