I've got a fully serrated Spyderco Police which I think is a lovely example of a serrated knife. I've got a couple of others too, a Delica and a Hawkbill shaped thing. Although I enjoy them it is not principally any notion I own that they cut better than any plain edges I have that makes me like them. In a lot of respects they are all much more limited than plain edges I have. They fill a niche for me but that isn't it.
As far as cutting goes the remaining effective is bang on target. I hooked up a video to here a few years back of a serrated Spyderco being scoured across an iron bar. It was an extreme abuse. If you had done the same thing to a plain edge and then striped it across the palm of your hand it would have left a line no less narrow than if you had drawn a line with a maker pen. The serrated Spyderco would still happily cut through rope. A plain edge having undergone that would probably climb as high as cutting cheese.
In a similar vein consider the design of some steak knives and why they are designed the way they are. No decently refined plain edge would put up with much slicing on a bit of ceramic plate before getting uselessly dull. It's tantamount to deliberately holding a knife a 90 degrees to a sharpening stone and wiping the edge off. Yet the cutting power of the steak knife persists. They get the dizzy housewife treatment, rattle round in cutlery draws, I suspect on average they never get sharpened, but they continue to be able to cut. Sure it's not an elegant form of cutting, but stick one of those against a plain edged sports knife, even with superior materials and HT, that has been subjected to the same thing, on a let's make one bit of rope two bits test, and my money is on it to win. Pity the fool...
Given that hopefully we can at least get that horse to water, I do wonder at why I often encounter such a flat out resistance to the idea of having them on a survival knife. Two things strike me as immediate salient in accounting for the difference between me and those people:
First I think there's is the definition of the survival knife as the knife you have with you. I kinda see where that is coming from but is also circular to the point of meaningless. Go that route and as far as I'm concerned you might as well say there is no such thing as a survival knife, there are just knives. If you do subscribe to that unicorn view of the survival knife I can completely understand the resistance to serrations. You just use a plain edge knife, whether that be an Opinel or a Rockstead no matter, and you keep that plain edge sharp. Cool. I like a neat and immaculate plain edge with a high degree of cutting power too. I spend a lot of time making them that way. I never think of myself as walking around with a survival knife though. I have knives that go out with me and are optimized for the stuff that I do, but none of that is being in a survival situation. A survival situation has to exceed aspects of what I intended to be doing. If I go out to play lets make a stretcher to drag my mate and I take a bunch of tools and maintenance supplies that isn't a survival situation. A survival survival situation is more like break glass to get to fire extinguisher. Who needs to break glass to get to survival ax if they've already got an ax.
The second aspect I think is just a difference of opinion about what might be entailed. Just as a quick and dirty example I'll offer up something that I've mentioned here before but in a different context. I was in a car crash and in the immediate after event I needed cordage quickly. I made that by ripping wiring from the car I crashed in. What I did not need was advise to reach into my pack that I should have packed knowing I was going to crash, and wander off looking for vegetation to make some barefoot-effort-stick-macrame-of-weeds solution. Sure I've twisted nettles into string for fun, but that was play. This was a if there's an emergency tool behind glass to break and press into service now is the time time. And that's where the survival knife concept lives. It lives right next to the fire extinguisher. A serrated section on that brute could really pay dividends.
The above actually accounts for why I thought that part serrated BG survival knife, and others like it, would actually be rather good survival knives. Would I want to wander round with one, no. But as I said before elsewhere here, next to the big first aid kit, smoke hood, and fire extinguisher in a action now - break glass situation, great. That's a survival knife to me. Serrations good.