AlHersch,
I bought one of those last spring, right after the online stores first started carrying them, and I love it. It's a great size and weight, not quite neutrally balanced, handle heavy slightly, but makes an excellent mid-size field knife IMHO. I too, was curious about 12C27 and posted questions about it here. What I learned was that it's a swedish cutlery steel, often used in kitchen knives IIRC. Anyway, takes a decent edge, and seems to hold it relatively well. Amazingly, when I field tested the built in sharpener, which seems a little gimmicky, it actually worked pretty well. I conducted some chopping tests, and the knife went through green branches about 1" in diameter in 3-4 strokes. I also used it to peel and slice an apple, which it did well. I don't hunt, so I haven't tried to skin anything with it, but I think it could do the task if it had to. Also, I have large hands, and found this to be a very comfortable handle size.
Negative points IMO, are the serrations. Normally I like a combo edge, but on a blade this size, I don't think that they should take up almost 50% of the edge. That's just personal preference though. I also don't like the way the sheath binds to the polymer handle, causing it to wear down a little bit, at least the first few times you remove it/replace it in the sheath, but again that's more of a personal preference thing. The sheath does reatain the knife well. I wish the weight were centered farther forwards on the blade, making it a more efficient chopper, but again that's more preference than anything, and I think it does well for what it is. Lastly, I'd recommend picking up the Infantry model, unless you're a LEO or in the military and have an everyday use for the rescue knife/seatbelt cutter deal. I bought the ASEK just for the novelty of it, but the seatbelt cutter really isn't something I'll ever use, and it comes in a seperate sheath. There may be some way to connect the two, but I haven't figured out what it is yet. Overall though, I personally think you won't be disappointed if you pick one up and use it within it's intended design parameters. (It's not a shovel, and makes a poor prybar, etc....)
Sorry for the long post, but I hope that helps you make your decision.
edited to add this link. Here's the thread I started in the Knife Review and Testing forum when I first got my LMF II. In case the link doesn't work I just Btt'd it from the archives.
http://www.bladeforums.com/forums/showthread.php?t=352854
Lagarto