I like the triad of knife, flashlight, multi-tool. With the SAK acting as the multi-tool and having a small knife, it makes sense to choose a medium or large folder depending on mood, situation, personal style, etc.
Today I happened to carry a Harnds Talisman, an L11C from L3 Illumination, and a Leatherman Squirt. Swapping the Squirt for a smaller SAK wouldn't change the other items but I'd miss having pliers.