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Have both, and both are excellent values.
Personally I prefer the Tenacious, but its really a matter of individual preference and use.
You might also want to look at the Ka-Bar Dozier Phat Bob. It can be had for $45 or less and I'd put in the same value class.
I have had both and the Rat wins. I am not a huge Spyderco fan. I will also add I liked the Byrd Cara-Cara more than the Tenacious. They are rather inexpensive. But, of the two...... Rat 1.
+1 this. I have both...Rat 1 is definitely stout (Read: Heavy). Both are great, I still carry the tenacious every once in a while. The I keep the rat in a backpack as a backupI would get the Tenacious for the following reasons: It is lighter than the Rat 1, It has a fantastic blade to handle ratio compared to the rat 1,