You might also want to take a good look at the Victorinox Swisstool. It is much more useful than the Wave, albeit a bit bigger. Seeing as how almost everybody around here carries at least one good one hand opening knife, the Wave's biggest feature is redundant for most forumites. The number of engineering compromises neccisary to get these one handed blades to work on a multitool is the reason I traded my Wave.
Some people have apparently had problems with the Swisstool, but I have used mine for lots of things and it has never given me anything but excellent service. Still as smooth and solid as the day I got it.
I have never owned a Powerlock, but I did use one of SOG's other tools for a while. It was a quality piece, but the functionality of the individual implements was not as good as the Swisstool. Nobody has as much experiece designing and building things like can openers and awls as the SAK people. I did like the way the tool could be taken apart for cleaning or modification, however.