Three points:
1. You can stab effectively with khukuri. There's a number of ways to do so effectively. For instance, if you have your arm oriented correctly, you can snap your wrist, and the point of the khuk will impact straight on with a CONSIDERABLE amount of force. You can also do a fairly regular stab from a variety of different angles. Just requires adjusting your arm slightly. And, because if you're stabbing point on, the handle will be at an angle, you don't generally have much hand slippage. I've stabbed clean through 3/4" of plywood with an 18" WWII, which doesn't even have a real sharp point. It's plenty effective, especially because of the weight behind it.
2. Yes, a khuk isn't better at various tasks than tools specifically designed for those tasks. But as has been pointed out numerous times, it CAN do them, and do a very good job, and for a better weight per efficiency ratio than carrying an axe, saw, large knife, and small knife, which is what you'd need to lug around to perform comparable tasks to what the khuk can do. It's the survival knife of choice for some of the most rugged terrain on the planet. I'd think that, by itself, should speak to its efficacy.
3. Fairbairn-Sykes fighting knives were designed for soft targets, EG, soldiers wearing not much more than cloth, as was true during the time that Col. Applegate and Fairbairn were developing their system. Modern fighting knives are designed for modern targets, who will be wearing web gear and bullet proof vests, that are generally MUCH more stab and cut resistant. Additionally, modern fighting knives are generally more oriented towards all-around utility. They include glass breakers, and some even have built in wrenches or pry surfaces. Combat evolves, and so do the tools that are the "best" for combat. The FS is great for stabbing into a soft target. But for the kinds of clothing a modern fighter is often wearing, the long thin point on the FS will bend very easily, and is not useful in any other situations other than a fight. So no, it's not the knife that experts recommend any more.
That being said, Khukuri have a long and proud tradition as a fighting knife. In any kind of reasonable situation, a khuk makes a fantastic fighting or survival knife. Not to mention the intimidation factor. Even a thug carrying a 7" fighting knife will generally back off if you whip out a khuk. There's just something about the thought of having a limb hacked off that's worse than possibly being stabbed.
As for the comment about discreet carry, I've got a harness in the works by JRE custom per my specs that offers an upside-down carry behind the back, with a snap closure and quick release to hold it in. Discreet to wear under a jacket, but quick to draw and have in hand. Also keeps it out of the way. Might be a good possibility.
Plenty of good bladed weapons out there without guards, throughout history and via various cultures.
