Like it says, the tool is not designed to replace full-sized single-use tools. It isn't logical or fair to compare the two. You don't compare your Leatherman multi-tool to a box of single use tools and say you would never carry "The Wave" because it isn't as good as all the dedicated tools that it can replace.
The Leatherman Skeletool concept was considered Gimmicky too at one point, but how many has it sold to date? I'm a gadget person and have bought lots of "gimmicky" things before and sometimes I end up carrying them around all the time. It comes down to preference and whether or not you can afford the thing that you are hoping to buy.
On the China question, they are starting to make better stuff and have been improving significantly over the last ten years (I've been monitoring it) with the exception of the "knock offs" which have not gotten much better. If the cost for the Lumberjack version is $160 and you decided that you want the utility that it offers, would you just as easily pay the $640 instead to get it if it was made in the US? Some would, some would not, some are not even able. For the average person living from paycheck to paycheck, they cannot afford that. I love knives but I would not be able to afford a $500 knife any time soon. So I would not be able to get this one at $640 simply because of the price. I wish I could afford to buy all US products, but I'll guarantee everyone here has stuff in their house that was made in China (maybe not knives, but something). Rhetorically speaking, if you do, then is that hypocritical? Besides, if someone is on kickstarter, then they probably don't have $100K sitting around to pay to have the tools made in the US. My thought is that if someone has the ambition but not the capital do a project like this, they either have to sell out part of it to an investor to see their dream come true or they have to wait for years until they can afford to do it the old fashioned way.
Just my two cents....