For a year now, I've been carrying my Swisstool Spirit S on my belt. It's compact enough that it isn't distracting. If the sheath rode horizontally, it would be even better. I don't need the pliers very often, but when I do, it's nice to have. More importantly, the Spirit S has a fine set of other tools that I find use for.
I always carry a black Vic Executive SAK in my pocket, too, and have for many years now. It has tools and qualities that my Spirit S does not. I actually use the Executive quite a bit more than my multi-tool. They each have what the other does not.
If I don't carry the Spirit S, I'll carry my alox Soldier along with my Executive.
I own a huge number of SAKs, and quite a number of Leatherman tools as well as an original Swisstool. But of the multis, it's the Spirit S that I will carry on any type of regular basis anymore. But to me, a multi-tool will never completely supplant the SAK. There's something to be said for something that's easily pocketable, and can be pulled out, used, and dropped back into the pocket. I can do that with an SAK more quickly and easily than with any multi-tool. Each has its advantages and disadvantages.
Jim