Here's what I posted on Amazon awhile ago:
The blade steel is 12C27 - supposedly, comparable in toughness (durability) and hardness (edge-retention) to 440A. It's a good blend of both qualities.
The construction is not full tang but push tang; however, this does not appear to affect its structural integrity. The LMF II is constructed in this manner in order to give this particular knife an insulated handle. This means that you can cut an electrically "live" wire without fear of injury. This is the knife that allowed an advanced marksman team to cut a live electrical line powering insurgent search lights that would have given their position away.
Since 12C27 is a stainless steel, maintenance is minimal as is the probability of corrosion. The blade takes a decent edge (typically less than shaving sharp) and shows good edge retention. As a matter of fact, I was quite surprised at the edge retention. I recently spent near three hours outside doing some hacking on some light, but woody, brush. When I had finished, the blade had dulled only slightly. The blade coating also held up very well and showed no flaking, chipping, or dusting - only light scratches were visible, none of which were deep enough to expose the blade.
As for sharpening, the steel was very easy to sharpen. The sharpener built into the sheath works relatively well on the blade and will restore the knife's edge with only a few strokes. I can't seem to put a shaving edge on this knife; however a working edge is easily maintained. Use a diamond rod on the serrations.
The handle design looked funny to me a first - didn't seem like a good design, but, thankfully, it was only looks. As to comfort, my hand only started hurting after the first two hours of cutting, and that was minimal pain... but I'll admit after three, it was plum tuckered out.

In other words, it has a very comfortable handle.
The "skull-crusher" butt (steel projection below the handle) is also insulated, so don't worry about getting shocked though there either. As has been already mentioned, the butt can be used as a hammer too.
The three holes in the knife (two in the guard, one in the butt) are intended for lashing the knife to a rod for use as a spear. The hollows or concave indents/depressions in the handle are also designed for this purpose and allow a lashed pole to fit snugly against the knife handle.
The blade performs well at light chopping (provided you make contact with the non-serrated part of the blade). Light chopping accounts for a large portion of outdoor/survival work with a knife. Heavy wood cutting should be done with a saw of some kind (wire saw, folding saw) or an axe. The serrations also function very well and are useful in many ways - cutting rope being a big one. The serrations do seem a bit more "aggressive" than some other knives and seemed to make the work go faster.
As was already mentioned, the sheath has a built-in sharpener that works well and is easy to use. All you have to do is stick the blade in and pull it back out a couple times - you don't have to worry about the blade angle, because it's all taken care of for you. Overall, the sheath is very well made. The different carrying options are very nice and allow you to carry the knife on your thigh (using the leg straps - "drop-leg" style), on your belt (disconnect the leg straps), or on a MOLLE vest or pack.
This is a great knife for utility/survival purposes at an affordable price, and it still exudes quality while serving its purpose very well. Although I own better quality knives, I can't see myself going on a camping trip without this one too. You really can't go wrong with this knife.