I'm not quite as starry-eyed about the Military as most folks, but I will say some things in its favor:
The blade geometry is fantastic, pure functionality. The long flat grind means it has very little resistance as its pulled through thicker materials and allows it to be in fairly thick stock for a folder yet have a nice, thin edge and surprisingly slim tip.
The 440V steel is not some risky "exotic" - it has proved itself with this design for years and is being adopted in other Spydercos and by other companies like Kershaw. Furthermore, it is well established with custom makers. Don't be fooled - ATS-34 is a good steel but was also a fad because it could take such a high Rc hardness and remain usable. Frankly, when ATS-34 is hardened as much as Benchmade does theirs, I'd rather have something more sharpenable and less brittle like GIN-1. Particle steels, on the other hand, are a genuine revolution in technology, allowing carbon contents 2-3x anything before them - and outstanding performance at more "usual" Rc levels in the mid to high 50's.
The liner design on the Military doesn't inspire confidence, I agree, but it is quite solid and if Spyderco says it will take force than knives like the AFCK, I will believe them. I do feel that they made an error in buyer perception by going with the unsupported G-10 (and perception is just as important as actual merit when selling a knife), but when you get the knife in your hands and play with it for a while, it becomes apparent how solid the design is.
The big hole...well, I don't care for it. But it's not a big deal, and if you ever had gloves on you'd sure be happy to have it.
Overall, my gripes with the Military are only that I feel it could have fit another 1/4" of blade into that handle and the fit and finish on the one I received, while much improved over past examples, wasn't on par with Spyderco's Japanese-built models (though it was roughly comparable with a Benchmade). I own a number of large folders, including an AFCK which is like an old friend at this point, but the Military is the knife I intend to carry when I know I will be using my knife for serious cutting chores.
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-Corduroy
(Why else would a bear want a pocket?)