Allright here's my two cents from personal experience,
they're great knives, come razor sharp outta the box, I admit i bought into the hype and have at least 5 copies of there proof dvds floating around somewhere in my house, mainly cause they mail me catalogs with them. But they're pretty sweet.
I first got into them cause I had a coast tanto folder knife I found out in a dry river bed, it was an ok knife but one day pullin out a really tight monkey fist not the blade closed right on my finger, ouch! having seen all the lock test that cold steel does I vowed to only buy cold steel knives, so i dove in head first,
Cold steel knives I own,
Ti-lite G10 handle
Original recon 1 Spear point i think,
SRK
UWK
GI Tanto
Trail Boss
Kukri Machete
Battle shovel (or whatever it's called)
and that's it, but still a lot,
after a while though i started getting more familiar with other knife companies, got a crkt folder I love, a ZT folder that's great, 3 leathermans, and the cold steels just kinda landed on a shelf or in a box somewhere. My girlfriend bought me a tom brown tracker by TOPS and that replaced all the bigger knives, I still use the UWK (under water knife) for some river trips and things where the knives are going to get really wet but other than that they fell off to the side. I still use the battle shovel on campouts and the srk gets carried in my car, and sometimes just to change it up i carry a cold steel folder but they're good knives for the money and can take a beating.
with that said, I've got my eyes set on esee knives now, have a rat 3, a hest and izula on the way, and an esee 5 in progress.
Personal preference but they are good knives.