First, I'm pretty clueless about knives. I know more about hand plane irons and chisels, and certainly my sharpening technique is better at sharpening such things.
Be that as it may, I just bought a Gerber LMF II. It seems tough enough, seems to hold its edge ok. But what keeps it from being outstanding for me are these things:
I can't get a keen edge on it. Decently sharp but not keen. This is the biggest detraction for me.
Stainless steel. Because of the reason above.
Not crazy about the serrations. I understand why they are on a knife of this type though. On the plus side the serrations do make short work of cutting nylon rope. Which is necessary as you won't get a razor edge on the rest of the blade to do it with.
The sheath and nylon strapping are over-engineered and a little too 'tactical' for me. On the plus side I can't say it doesn't secure the knife, and the built in sharpener will do a decent job of sharpening the non-serrated edge.
Furthermore I rather like the shape of the knife, the general blade profile and the heft, and I for one like the handle. It's very grippy. Fits nice in my hand.
But if I had a do over I'd do this:
Read more of these forums! I just started reading last week and I've got a lot to learn.
But really, it seems buying a knife still comes down to a kind of crap shoot. Unless you can rent a knife for a weekend you aren't really going to know if me or the other guy or Joe Blow are off-base or full of it. You may just love the LMF II. It's a personal thing. No way to know if you really like something so personal as a knife until you hold it in your hand and use it for a while.
That said, I don't think you'll go wrong with the LMF but I think (to echo other commenters) it's a 40 dollar knife. I did pay 60 for it, and if I did it over again, I'd go spend another 40 or 60 and get something outstanding that I am tickled pink with. I could have put that 60 toward a hundred twenty dollar knife I'll love.
I hear the RAT knives are the sauce, they look great, and, for me a huge plus, they are high carbon (read non-stainless) steel. Uncomplicated low key sheaths too. Maybe next year...and unfortunately I won't know until I hold it in my hand and use it.