I had one of these for half a day a week ago that I had purchased for $39 at Walmart. I returned it because the plier pivot was really loose. The plier tips would wiggle side to side almost the full width of the actual tip, and when opening the knife one-handed the handles would flex and scrape against eachother in my hand.
Then I stopped by Home Depot late on Friday and found them for $19, so I grabbed two for gifts, figuring at that price they'd be good enough as gifts for somebody that wouldn't be using them every day. I opened one up just to see if it had the same problems but it's pretty much perfect, no slop at all. Besides the lame wire cutter, it's actually a really nice tool if you get a good one.
The ones from Home Depot have a pouch made out of a heavier black leather. The bad one had the softer brown suede pouch; so maybe the black pouched ones are are later run with some improvements?