Wow, a new tip-up/tip-down thread every day.
For me, both tip-up and tip-down require slight hand-shifting to index the knife correctly, which means it's not very fast.
Some people say they can grab the whole handle of a tip-up knife while it's still in the pocket, then open up quickly without much of a hand transition. But this is hard to do for larger blades (>4 in. handle, for me). I think it's because I mainly wear pants with vertical (slit) pockets. It'd be easier with jeans type (near-horizontal) pockets. Interestingly, Calyth's view of the pocket slit orientation is exactly the opposite of mine. There's no real winner in the speed department, in my opinion.
Regarding security, I think the opposite of most people here. Tip-down knives, since they're not held closed by a pocket seam, could open up while in your pocket, and cut you if you're pulling something out of it. I've had an interesting experience where a tip-down knife poked a hole in my rear pocket as I was sitting down. Tip-up knives just don't have the problem of opening up in your front pockets, if you're holding it against the back of the pocket. So I prefer tip-up.
Conclusion? Folder's are handy and are interesting from a mechanical point of view, but I think that if you're looking for real speed and security, fixed blades are the way to go.
We've collectively semi-hijacked the thread. Regarding the Police, a large knife, I would actually prefer it to be tip-down, since the tip would be lower in the pocket. This would present less of a danger to a hand in a pocket. If it were tip-up, it would require more manipulation to get the thumb onto the hole.
Just gotta get used to whatever you're carrying. I think both tip-up and tip-down are OK.
