The blade has great lines, and the blade/handle design work well together. Visually, it looks very balanced, like it would be light in the hand. I like the finger groove in the handle, and the flare at the butt. The recurve is nice, and the clip is a little bit different - I'm not sure what about the clip strikes me. Maybe the width, or the end where it transitions to the full-width spine.
Some constructive criticisms -
The finger groove/choil transition looks a little weird. For one, the finger groove is very rounded, while the choil is very straight. That and the blade-side of the guard are the only straight lines in the whole knife. Also, the handle side looks much higher than the blade side. I think the contrast and curves in the blackwood makes a small difference look bigger than it is. Also, the area around the guard follows a classic design, and it's probably fine.
I like the wood grain in the last pic. It would be really nice if it followed the lines of the blade a bit more - maybe angle upward more.
Finally, the sheath. The grid pattern turned out well - I think it echos the strong yet subtle lines of the blade. Grid near the top (right in pic) of the sheath ends in the strong, dark dot. Then, going down, you drop off to ragged edges (no dots). It makes the bottom look like the design wasn't fully planned or laid out. Maybe you could leave out the fifth dot down, and open up the grid more gradually. Or you could make a very straight border around the grid, instead of the stippled border, which would make it look more finished. If you used a line border, it should be different than the grid lines - a bit wider, or maybe a double line.
Apart from the minor cosmetic criticims (which take up lots of space because I was trying to explain them clearly), I really like the blade. I like it enough to buy and use it. I'll stay tuned for the MS test model!