Let me start by saying I am totally prejudiced and highly opinionated. Simply put, for me, the Stretch II is the best knife that ever came off Spyderco's production line. Materials and workmanship are top shelf all the way. Size and ergonomics are perfect for me. Best yet, it fits my style of carry perfectly.
I carry loose in my back pocket and prefer to carry as large a folder as possible back there. I also carry a Kiwi in my watch pocket for those occasions where fine control is of paramount importance or political correctness requires me to humor the faint of heart and weak of bladder. The Stretch's handle is very close to the maximum length that can fit comfortably across the bottom of my pocket and if the blade were any longer the tip would be hanging out the back.
I also prefer a knife with a usable 50/50 choil, yet am aware that the tradeoff for that is a reduction in usable edge length for any given size blade. The Stretch has about as high edge to handle ratio as is possible on a knife which has one. I also prefer a large Spyderhole, so the 14mm one on the Stretch appeals to me more than the 13mm one on the Police III.
As you noted, although the Police III has a lot more edge, the edge/handle ratio is lower that the Stretch's. That's due in part to a bit of "bubble butt" than someone with a bit of skill with a grinder could probably eliminate. I'd estimate nearly a quarter inch of handle could be removed at the back end without exposing the blade tip. While that would improve the Police III's stats, they would still fall short of the Stretch's.
The handle of the Police III is "unstructured" enough to please those who prefer maximum freedom of hand position and is long enough that I can get a full seven finger
grip on it if I wish, but I prefer the highly structured deep saddle grip of the Stretch. I will say that a more structured handle would probably be inappropriate on a knife the size of the Police III, it would just limit the user's choice of grip unnecessarily.
As for the Stretch II, of course there are things I'd change if I could. I've reached the conclusion that expecting any production knife to match my tastes perfectly is unrealistic. I'd prefer finer jimping on the thumb ramp. Sal has already commented that future versions will have it. I'd also be pleased as punch if they ditched the Boye dent, but that's one battle I don't expect to win. But both of those things are minor issues of taste and aesthetics, not major .
I do hope a VG-10/FRN Stretch II sees the light of day, as it will allow many who find the price of the current version to be more than they wish to spend for an EDC knife.
That said, some folks want or need a longer blade, and for them the Police III is an excellent, well made knife at a somewhat more reasonable price.
