Well, I used to carry a LM Wave almost everywhere. Then one day, I realized - how often am I that far away from my car?
The honest answer is, only when backpacking/hiking.
At work, I'm all of about 150 feet away from my car. At home, about the same. On the weekends, I'm still pretty close, whether at the gym, the movie theater, the beach, or just out having a good time.
A multitool has saved my bacon a few times. But, every time, it has been because I didn't have the right tool in my car.
So, I stopped carrying the multitool and started carrying more tools in the car.
Some people need portable tools on a more regular basis than I do. That's understandable. But, I think most city dwellers would be better off spending the $50-100 on a few decent full-on tools for the car, and maybe a cheap SAK.
I'm still gonna get that SOG Powerlock, though.

-- Rob