If your circumstances allow you to carry a fixed blade all the time, by all means carry a fixed blade. I only carry folders because of the concealed carry laws here in CA.
If stainlessness is a big issue, I recommend the David Boye custom 4" hunter. It is made of Boye Dendritic Steel (cast 440C), and it holds an edge like no other stainless steel, about twice as well.
If stainlessness isn't paramount, the 4.5" Mad Dog Lab Rat is one of the finest knives I have seen. Selectively tempered, holds an edge supremely well, strong, indestructible handle, superb ergonomics.
If somebody took those two knives away from me, I think I would go with a Mad Poet D-2 hunter, or maybe one of Tom Mayo's hunters. Rob Simonich's Cetan and Wambli also look like excellent choices. A Talonite Wambli would be a heck of an outdoor knife.
If price is a big issue, I like the Falkniven VG-10 blades, or a Cold Steel Carbon V Master Hunter.
If circumstances make it easier for you to carry a folder, my favorites are:
Darrel Ralph Large Apogee
Benchmade 710 Axis lock
Chris Reeve Sebenza
Mission A-2 MPF
Benchmade M-2 AFCK
REKAT Pioneer
Barry Wood/Mike Irie Swing Lock Folder
David Boye (BDS Cast 440C) folder
David Boye BDC (Boye Dendritic Cobalt) folder
Spyderco Military
Gerber Covert (single ground)
That was fun.
Harv
[This message has been edited by Steve Harvey (edited 25 June 1999).]