I always thought the Valloton was the ugliest Spyderco ever made. The Spyder hole looks so out of place its almost absurd; almost like it was just stuck on top just to call it a Spyderco.
It reminds me of a Honda Civic with a big giant racing wing bolted to the back of the trunk.
Maybe not the ugliest spyderco, but what could have been an amazing looking knife otherwise. I think it would have looked best without the spyderhole, and I agree that it seems like an afterthought.