You can sharpen a plain edge such that it's sharp yet it "tears" in a fashion somewhat similar to a serrated edge. There are gobs of threads on here about plain versus serrated. Have a look.
Personally, I don't like the look of serrations, find them more difficult to sharpen, and never really have occasion for them. Sure, they shine in certain scenarios (eg. cutting a lot of rope or strapping), but I get by just fine with a plain-edged knife in those situations.
I've owned serrated blades and combo edges, mostly Spydercos, and I find that the serrations are limiting. Try whittling a piece of wood precisely with a serrated blade (for carpentry work, for example) and you usually wind up just cursing a lot.
If the combo edge floats your boat though, then go for it. I'd rather have a combo edge than a fully serrated blade. But all my knives, with the exception of one (a Spyderco D'Allara Rescue that I won), are plain-edged.
To the original question, I'd say a good Swiss Army Knife is probably more versatile. I don't make a habit of screwing in screws, filing metal, opening cans/bottles, or uncorking wine with my Spydercos, but I can do all of the above with my SAK.
Gotta try one of those Salts....