My NWA Sierra Scout is still my favorite knife so far. It's the one fixed blade I've kept after selling off most of my small collection, and it's the one that's always on my belt when out hiking, camping, or backpacking. I'd say that its functionality definitely equals its good looks.
Let's start with what I like about it. First, Nick knows how to make a great handle. His handles are shaped so organically and ergonomically that they just melt into your hand and remain comfortable throughout use. I'm a big believer in well crafted handles. To me, a knife is worthless if the interface between blade and user is ineffective or uncomfortable. In the hammer grip, the handle design just locks the knife into your hand. And while the handle excels in hammer grip, it is surprisingly comfortable enough in the chest-lever grip (the two grips I employ the most). Good enough for government work anyway. I personally like the guard on the Sierra Scout as well; it's relatively unobtrusive and sculpts itself nicely to your index finger in a hammer grip, without protruding beyond it (at least, with my probably average sized hands). While perhaps improbable, I don't think it's impossible that I'd use my belt knife to stab anything. That guard provides a nice bit of insurance in that department, while not detracting from performance in normal utilitarian tasks. Having the edge lower than the handle, aligned with your fingers, also works nicely for food prep. It's not as big a space as with a typical chef's knife, but it's more than that provided by my Moras, and I can use the knife in pinch&claw well enough. I also like the birds beak on the butt. It can provide support on slicing cuts, I can hammer nicely with it, and if I want to move my grip down to do whatever chopping is possible with a 5" blade I can lock it into my hand with the bird beak between my pink and my ring finger. Anyway, I handled one of Nick's knives before ordering one my own (thanks MtnfolkMike), and it was the handle which instantly hooked me. The balance of the Sierra Scout, btw, falls right in the index groove, towards the butt on the inside of that curve. Perfect, doesn't fatigue your hand in longer use.
Second, Nick puts a fine grind on his knives. Even, crisp, and symmetrical grinds that come to a fine edge out of the box. The little choil on the Sierra Scout is nice for sharpening as well, letting no part of the edge go to waste. While this thickness and grind won't sail through wood like a fine scandi will, it still does the job well enough and is plenty robust for other tasks. I like the way a nice flat grind into V-bevel or convex secondary edge performs. And the Sierra Scout sharpens up easily (of course that gets into steel and HT). I might as well say Nick's heat treat works well. His O1 takes a fine edge easily and seems to hold it pretty well with the edge he ships em out at, in my limited experience of different steels. Furthermore, the differential heat treatment is supposedly beneficial for tough use where you'd be pounding on the knife. And the hamon is pretty!
Third, I like the overall shape of the blade. I get a nice long flat gently curving into a relatively shallow belly that both push cuts and slices well in my hands. The tip is dropped just enough to give you a pointy tip to work with, should you need it. The thickness at the spine is nice for putting my left thumb on it when doing fine work, and the jimping is a nice added touch for the saber grip. I think the knife also tapers nicely towards the tip, enough to give you plenty of strength through most of the blade while leaving you with a relatively fine and pointy tip that'll penetrate well or allow for fine work with the tip. That dropped point puts the tip right in line with the axis of the handle too, so if you are going to stab something or pound the knife into something tip first, the force is transferred through well. I also find that 5" is about the max I'd want to go for a belt knife. It's enough to give me some length if I want to baton small stuff, and it gives me a lot of useable edge. All without being unwieldy or clumsy in finer use (caveat: I don't hunt yet, but I'm sure a shorter blade works better there). Also the tougher section of the blade left by Nick's differential heat treat is about 3" on the 5" blade. And finally, the blade is wide enough that I can pinch the blade to make fine use of the tip or have added control in pinch&claw type food work.
What else. Nick's fit and finish is absolutely superb. Not only do you get a tough and well crafted knife, but it looks good to boot. Nick's knives give me this sense of organic slickness that has somehow been melded with these crisp straight lines. Symmetrical blade grind, symmetrical handle scales, no gaps or ridges in the scale attachment to the tang, aesthetically well-placed pins that are blended flawlessly into the scales, and an overall sense of proportion. Nick also provides a beeswax coated sheath that gives you the look and quiet of leather while locking the knife safely in like kydex. I prefer kydex in general and had one made for my Sierra Scout, but if I were more a leather man, then I'd have no problems with his sheath. On top of all this, Nick is an absolute gentleman and a fine man with which to do business.
Now, after all that extolment, what would I change? Really my only serious complaint about the knife is the O1 steel. It rusts like a ...., especially here in the relatively humid coastal or forest environments where I play. Scalloping the scales leading into the ricasso would be nice for the chest lever in addition to the scraping and pinch grips I sometimes employ; the thickness and abrupt edge of the scales there could be uncomfortable if you pinch the blade often. My buddy used his NWA for processing game, and his complaint was that Nick's relatively pointy guards would sometimes get in the way and get hooked while skinning or otherwise taking apart an animal. I'm sure the grip he'd use there would leave that guard more exposed to catch on stuff. What else. I think the handle could probably be shortened by 1/2" for my average sized hands (medium latex gloves) without losing any function. The blade would probably have to be shortened a little as well in that case for balance and overall proportion. The concave handle is probably a love it or hate it thing for most folks. I personally like it, I feel like it really locks my hand in. But others prefer a swell, barrel, or other convex contour. I could maybe use a little more thickness in the index groove. One of the reasons I got a Fiddleback Hunter is because of the thicker handle up in the index area. Having more thickness there lets me carve on something better/more strongly in the hammer grip, and doesn't let my hand get fatigued from "pinching" the handle. The cross-sectional thickness of the Sierra Scout doesn't really make this a huge problem, but I wouldn't turn down a little more width or thickness there. At the moment, that's really all I can come up with.
Anyway, I hope this helps. My apologies for the length. Nick's Sierra Scout is obviously a favorite of mine.

Give it a try; as William pointed out, if you don't like it, resale should be a snap :thumbup:
Oh yeah, what have I used it for. Carving (fig 4 traps, spoons, cleaning up hiking sticks, stakes, chopsticks, random things), fire prep (feather sticks, wood shavings both by gripping knife and by pounding it tip first into a log, batoning/splitting small stuff...including some aged and pretty gnarly seasoned oak), food prep (meat, veggies, fruit...no fish or butchering yet), cutting cord and fabric, fighting off mountain lions and black bears and killer mutants roaming the woods (riiiight...). Don't have many in-process pics of bushcraft projects...but who doesn't like food?