For weekdays I prefer multiple tools because it gives me flexibility. My current setup is a knifeless SOG Pocket Powerplier, a Victorinox Midnight Manager, and a Kershaw Skyline. For most things around the office the Midnight Manager is good enough, and due to its small size it runs virtually no risk of freaking other people out. When I need to enter a school building for PTO meetings or other stuff, I carry only the knifeless MT inside. I might not have a knife, but at least I still have the rest of the MT.
This setup also works great for me because I have a nylon pocket holster with two pouches, one for the MT and the other for the folder. Since they're both relatively thin and light, and the weight is distributed on two tools, I can carry the entire kit in my slacks pocket comfortably without sagging. The holster keeps the knife outline from printing too. I have a lot of capability, yet people can't even tell I'm carrying all these tools.
Weekends are different. I can wear jeans and put on a belt pouch without anyone making a comment, so I just put LM Wave on my belt.