Well, I got an LHR for Christmas. It's a very nice knife. The leg-drop sheath is really impressive, and the feel and balance of the knife are very impressive. I own the Christ Reeve Pacific and the Warrior (both in s35vn), so that's what I'm basically using for a comparison.
The ruberized, "tac-hide" handle feels good, but it's different from the micarta on the CRKs... and though I think the micarta feels better, the rubber is nice and seems more durable. Also, the "tac-hide" seems like it would work better in a wet environment. All things considered, I really think the Gerber LHR would make an excellent "Over The Beach" knife. The retention system on the sheath is really great, and the whole set up would work well in the water (no worries about the knife getting loose underwater)... it's also Molle compatible, but the retention system limits where you might place it because getting the knife out is a little tricky from certain angles.
Regarding the arguments concerning 420HC steel, there's no doubt in my mind about this knife's durability: it's a thick blade. Honestly, if I were going down range, I would grab this knife before my other 2 CRKs... it's cheaper to replace and it seems like it might even hold up better in amphibious conditions... So, if you were an Army Officer going to Afghanistan and you wanted to impress people with the knife hanging from your LBV, the CRK would be great. If you were an Infantryman, a paratropper, a Ranger, or a Marine and you thought you might actually get wet, or be in places where you need to use your knife and it might get damaged, you might prefer the Gerber LHR: cause it's tough and you can buy three of them for the price of that CRK Pacific/Warrior/Green Beret knife.
Honestly, I have no doubts in the ability of the LHR. It's very well designed, well built, and reminds me of what Gerber used to be, which is saying something. Knives with great "Super Steel" are often so expensive that I'm reluctant to really use them in the field. This knife is tough, but cheap enough that I have full confidence in it, and I'm not "wallet-scared" to actually use it.