Thanks Cobalt.
The knife comes in a "Tactical" cardboard sleeve. While many would scoff at a $170 knife not including a sheath in this price range, I feel most people have very particular tastes for sheaths from Kydex to ballistic nylon.
It also keeps the cost down and allows more focus on making more knives. Especially since there's a high demand.
A spec ops brand ballistic nylon sheath with front pouch can be had for $40. From what I can see, its a great sheath.
Honestly, I'm going to make a cardboard and duct tape sheath for now. Hahaha OK OK, if I get more time off I'll make a leather or kydex one.
The intial sharpness is poor. The bevel was even and polished looking but the very apex was possibly rounded. It appears to be incredibly obtuse, possibly 60° inclusive (30°per side)
I don't fault Swamp Rat for a lack in performance. Given that the knife has a reputation for being indestructible, a real concrete carver. A sharper, more acute edge is more prone to chipping then the steeper edge provided.
I was able to make tinder but was more difficult with the steep edge
When cutting in wood it took more force to make these large blunt cuts

It's very user dependent.
My preferred style is more calculated, precision use of my tools on proper mediums that don't destroy my edges.
It's when The Ratmandu is reprofiled to a more acute edge that it really shines. The heat treatment is the what really sets this knife apart from the Becker and ESEE knives I've used. Heat treatment is often overlooked but is one of the most important aspects of a knife that's often overshadowed by steel types and composition charts.
After 20 mintues on my Ken onion work sharp (the lazy man's way to sharpen; a real time saver) I was able to reprofile the edge to a 25° per side and mirror edge.
The performance doesnt disappoint when reprofiled. This is why I waited 5 monthes for this knife.

I can now make feathersticks with +20 curls. Perfect tinder for a wet day. A Hallmark of a great edge.
The edge takes such a fine apex with great bite and excellent edge holding.
The SR101 is a great steel. But it will be further explored in the field.
The handle is one of my favorites. The width is slim but it compensates with a hump on the back that really fills out my large size glove hands.
The Tan Micarta is very attractive and feels great in the hand. However the field will tell all if the traction turns into a blister maker during heavy use without gloves.

The blade coating is the most intense coating I've ever seen. It literally looks and feels like "lizard skin"
The perfect way to describe is Bad ass.
Its seems incredibly durable with no signs of wear so far from some batoning on my porch.
This is my first knife with a finger choil. Not sure how I feel about on a knife this small. My opinion is that a great handle design doesnt need a finger choil. But I'm open to new things I'll let the field use be the deciding factor.

Overall for my first impression. I'm stoked.
Some may feel that not getting a sheath and a razor sharp edge is a deal breaker.
I disagree. Most already kydex their knives and tune up their edges
As they see fit. Or send them to someone who can for them.
I feel everyone has a specific sheath material and way they like to carry as well as the edge to meet their uses.
I'd rather keep the cost at $170 and sharpen and sheath the knife for my specific needs myself.
I'll post more later.