Dear Blonde,
I have only had extensive personal experience with four models of multi-tools, but Ill go ahead and tell you about them.
First is the gerber multi-plier. I personally would stay away from this one. My roommate has one and I have used and handled it quite a lot and don't like it. Because of the novel and unusual way the pliers open on the tool, it requires more moving parts and springs than other more conventional multi-tools. To me more moving parts always leaves more room for failure. The Gerber is also too big and bulky for what it is because it doesn't "fold down" very much. The gerber also seems to be made of inferior materials, though I dont know exactly what kind of steel it is made of. The Gerber does have locking blades, but it is also overly complicated, requiring several other moving parts including a small spring.
Now for the good stuff...
I proudly own one of the original Leatherman Tools. My father gave it to me when he returned home from active duty during Desert Storm, so I guess that would make the tool around 8 years old. In my opinion the Leatherman is much better than the Gerber. It folds into a much smaller and more compact package. It appears to be made from better materials( I gather this from the fact that my roommate has had his gerber for only a year and rarely uses it, yet his phillips head screwdriver for example is extremely damaged and marred. My phillips head screwdriver on my Leatherman has only a few small scratches after 8 years of heavy use and abuse). The leatherman is much simpler and conventional in its opening and closing, so it has no moving parts besides the tools themselves. And I can open my Leatherman just as fast and easily as I can the Gerber. This tool is definately tough to have survived 8 years of use by me and the people who borrow it from me all the time! The only small gripes I have about the leatherman is the fact that the blades dont lock and the exposed handles can be uncomfortable when you really try to clamp down hard on something. These things really arent much of a problem at all though if you use the tool with care and common sense.
If the non-locking blades of the standard Leatherman really bother you, then go for the Leatherman Supertool because all of its blades lock in a very simple and efficient manner. It also has more neat tools. My father has one and I am just as impressed with it as I am my standard model. The only reason I dont have one myself is because of its size. I dont usually wear a belt so I dont like to use a sheath; I carry my Leatherman in the "watch pocket" of my blue jeans, where it fits perfectly and keeps me from having to use the sheath. The Supertool is just a little big for that, but if you wear a belt anyway, its not a problem at all.
I also own a Leatherman Micra and love it too.I keep it on my key chain. Though I dont have to use it that much because I always have my standard leatherman. The really handy thing about it is the scissors it has instead of the pliers. I use it to cut everything from fishing line to stray threads.
As for the leatherman wave, I have never personally used one, but it sounds and looks good. One problem it does solve is the sligtly uncomfortable handles of the standard leatherman. If the Wave is anything like the other Leatherman Tools, then it has to be a good one!
Well, hope this helps!