Bottom Line: If you need a saw and a knife, carry one of each.
As they are made by the vast majority of manufacturers, sawback knife blades are a poor compromise. The sawtooth geometry is not usually an effective one for actually cutting wood, being little semi-pyramid-shaped teeth. They don't have enough gullet (gap between each tooth) to clear chips/sawdust/juicy wood pulp effectively from the cut. As noted by someone else, sawbacks will also chew up a baton. With a sawback knife blade you have to watch out for *both* sides of the blade so you don't get cut or scratched.
To avoid binding in the cut, especially in green wood, the kerf of a sawcut must be wider than the thickness of the sawblade. This is why sawteeth have "set". That extra space created between the side of the cut and the sawblade is what keeps the blade from binding.
See the diagram of sawtooth set at
http://en.wikipedia.org/wiki/Saw#Saw_terminology.
Most sawback knives, particularly sawback machetes and other knives with saber ground blades, don't cut a wide enough slot in the wood to keep the body of the blade from binding.
The worst-case sawbacks are those cut out of swedged-spine knife blades. The effective (and often total achievable) cutting depth is the depth of the filing used to make the sawteeth.
Recommendations: For a saw, I recommend carrying a Japanese folding pruning saw with an 8"-10" replacable stainless blade for its light weight, convenient & safe carry (compared to rigid saw) due to its folding nature & often standard feature large thong hole in handle, and its sufficient size to section up as large a branch as you'll need for fire or shelter. That's about 5" diameter maximum. Larger than that you don't usually need and it gets heavy and awkward to drag through the brush.
I recommend the Tashiro, Corona, and Silky brands, though other good brands likely exist.
As for which knife to carry, we've all got our opinions, now don't we?