So, in essence, what you're saying is that it IS a capable enough knife, albeit with it's inferiorities compared to tadays modern folders, but the real "hype" is really more about nostalgia than anyhhing else? I can certainly respect that, I'm more of a traditional folder kind of guy myself, but I can respect it nonetheless. By the way, what is YMMV?
The 110 is certainly different in substantial ways from the modern tactical, but I wouldn't say that the 110 is inferior in any way.
Or, better to say that the benefits of the differences are better understood in terms of what sort of cutting need you're facing. Different cutting needs will favor one over the other.
The 110 was designed as and still is a
hunting knife. This explains the use of a hollow ground clip point blade and explains it's heft in terms of weight. Much of that weight comes from the weight of the heavy durable bolsters and heavy, more secure lock back design. It was designed for holster carry where the expectation was for a slow, deliberate open/close.
In contrast, modern tactical folders are designed with the intended use of some combination of fighting (or looking scary), rescue (cutting strapping) and general utility work, which explains the use of drop points and (often) the use of partially serrated edges. The don't need to stand up to the types of twisting and prying that a fixed blade can do and that 110 gets as close to as any folder ever made. So, modern tacticals can be made lighter. They also typically have a less secure locking mechanism. And of course, modern tacticals are made with the assumption that pocket carry and one handed deployment is preferred, hence the use of thumb studs, opening assists and pocket clips.
These aren't advantages or disadvantages. If you're going to clean a deer (or pretend that you might, as one guy noted) then the 110 is going to be a better knife.
IMO, the connection between the 2 designs is that prior to the 110 which proved that a locking folder could be durable, it wouldn't have been possible to think of the modern tactical folder. Well, I guess you could have but I suspect they would have ended up looking more like the older French and Spanish fighting knifes (lighter weight) and would have been less useful as utility knives for tradesmen.
