Due to my background in making decorative knots and such at the behest of Uncle Sugar, I used to have some very elaborate lanyards on any of my knives that would take them, even SAKs.
I even put a lanyard on one of my filet knives with a monkey's fist at the end containing a cork ball so the lanyard would float.
I used to roll with an RTAK that had a doubled cobra knot lanyard about 10-12 inches long. There was nearly five yards of 550 paracord in that thing, which is why it was there, for emergency cordage.
However, I found over time that elaborate lanyards are more show than go. They're bulky, they get in the way at times, and some of the heavier ones are quite comical in how they flail around during chopping or whatever.
So now my emergency cordage is wrapped around my 33oz MSR fuel bottle and lanyards its cap from being lost. The turns of line are held in place by a few rounds of gorilla tape at the top and bottom.
Now the cord insulates and protects the aluminum bottle, secures its cap and there's more of it for emergency use.
All that goes on my pommels now is a simple loop of reflective paracord with an adjustable keeper knotted onto it.
As for emergency cordage, I am thinking about making one of these:
http://www.slatts.fsworld.co.uk/slatts-knot.htm
Supposedly, if it is made correctly, it will readily turn back into one continuous length of paracord.
I'm toying with trying to make such a belt out of 4mm reflective accessory cord. The 4mm version has ~1000 lb capacity, or about twice that of paracord. It would make a stiffer belt with a more useful rope.
http://www.climbinggear.com/products/listing/item2527.asp?referralsource=Froogle_CG
