There are a ton of great small fixed blades out there. It would help if the OP could give us an idea what you intend to use it for. Is this an EDC blade, for general purpose cutting tasks? Or is it supposed to be a small field knife, that can serve as a small game and camp utility blade? I would probably choose different blades for those two scenarios.
Anyway, on the assumption that you're talking an EDC blade for light, general-purpose cutting tasks and potentially last-ditch defensive use, I really like and carry a Spyderco Fred Perrin Street Beat. Specs:
OAL: 7.2"
Weight: 3.2oz (w/o sheath)
Blade length: 3.5"
Blade thickness: 0.156"
Steel: VG10
Handle: Polished micarta
Sheath: Boltaron (like Kydex) with adjustable clip
Best street prices: Seen them as low as the $135 range on ebay, currently selling for $159 at Knifeworks. Higher at many other online retailers.
This is an awesome small knife and in my opinion, here are the things that make it so great:
* The beefy blade. As small as this is, it has a very thick 0.156" blade, it can cope with some serious tasks yet is still thin enough to be a great slicer.
* The cutting performance. Just phenomenal, best small fixed knife I've had for light all-purpose cutting tasks. The blade has a full flat grind and comes quite sharp from the factory (though I sharpened mine even more, using the extra-fine stones on my Sharpmaker). Obviously for specialized tasks, like kitchen work or dressing game, ideally I'd want blades specialized for those tasks.
* The handles. This is perhaps the best thing about this knife. Like all small knives, it has to make compromises in the grip to keep things short. But, this knife gives you a nice full, rounded Micarta grip, and the choil right up front near the blade gives excellent cutting control and makes the knife very comfortable to hold for a small knife.
I'd highly recommend this knife, if you can stomach the price! It is a bit pricey but well worth it IMO.