Camo on a knife? Effective? Um... yes. Effective for helping you lose the knife. It's fine if camo is your thing... but really, why would anyone want a knife that's harder to see?
I've said this many times before, the point of camouflage is to break up an object's outlines making it harder to see. Do you really want your knife harder to see? What happens when you drop it in tall grass or leaves at dusk or at dawn? You're not finding it quickly is what happens. At least black does offer a solid shape when you're looking for it.
If you're a soldier, your body is big enough that no enemy is going to see your knife if they don't see you.
Again, if you like camo go for it... but at least in my opinion, OD green (or foliage green) and camo are poor choices for knife handles if you actually want to keep you knife.
But hey, you likes what you likes. I just happen to like my knives visible... I lose enough stuff everyday that I don't need to be searching around for something else.