Life is about variety and compromise. That being the case, I bought a Kershaw Vapor and either use it or one of my Cold Steel medium Voyagers in my check bag when I have to travel by plane. I stow it in my shaving kit usually with a Victorinox Mechanic. So far nobody has gone far enough to steal from my shaving kit which is full of other metal bits. I haven't found any real disadvantages to this approach except the main knife isn't as cool as what I'd have if I wasn't flying, but it's still very servicable. It's a compromise from the high end folder (Benchmade, CRK, Microtech, Al Mar), Cybertool 29, WAVE and Micra that I carry normally EDC but it's actually a quite useful pair.
I also carry a small set of Gatco Crock Stix so it's no big deal if I occasionally need to touch up the softer steels than my normal EDC knives have. The Vapor works amazingly well for a $20.00 knife. The Cold Steels a little better still. It's kind of like going back to my roots.
John