I believe it is so that the blade is easier to sharpen. That is to say, you only have to sharpen one side to keep your edge going. I'm not a huge fan of the chisel grind, myself. I too just picked up a Power Lock to go along with my multi-tool collection. Wonderful tool! However, I plan on purchasing a plain edged knife blade from SOG and installing it on my PL. I believe these blades are also chisel ground, so I will be re-profiling the edge on a grinder.
I have had success keeping the chisel ground blades sharp with sand paper on a mouse pad or even just a few licks down a butcher's steel followed by some old leather.
Jake