I've got both and there are things I like about each design.
The Izula is smaller and easier to carry in my pocket (I don't like things hanging on my neck) and the general finish was a bit better than my BK-11. The handle is almost too small for me, though. I ordered some micarta handle slabs and hope to improve it a bit. It was sharp out of the box, just needed some stropping.
The BK-11 needed quite a bit of work to get the sort of performance I expect from a small blade. The factory edge was a bit thick. I ended up stripping the blade (the coating came off easily) and convexing it.
Both sheaths could use some improvement. The plastic used for the Izula sheath isn't very nice. And both of them are far bigger than needed (I like my sheaths as small as possible). However retention is fine, so I'm not about to spend money on custom sheaths (the knives were only around $35 each, and that's certainly part of their appeal).