I actually like the Americanized tanto.
There are tasks to which I think the style is well suited. However, there are also tasks to which the style is not suited. And by not suited, I mean REALLY not suited.
I find the Americanized tanto great for opening boxes. The secondary point, combined with the triangular tip, is pretty similar to a triangular box cutter.
Box cutting is somewhat specialized, as you are trying to cut something that is both flexible and cut resistant (tape) without going too deeply into the box, and damaging the contents. The easiest way to do this is to penetrate the tape using a tip.
Holding my wrist straight, my Rekat Pioneer II tanto is generally far easier to make shallow cuts into boxes than with my Spyderco Wegner/Benchmade 710. These cuts could also be done with the primary point, but the risk of deep penetration is greater, and the angle is more awkward.
The secondary point is very low on the blade, and very strong, as it is surrounded by steel. Because the secondary tip is so low, your wrist and arm can be almost straight, making for easy, controlled pull cuts.
For many other applications, however, the shape is very non-ideal. A great example is skinning animals.
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Some say that the Americanized tanto is superior for self-defense. I'm really not qualified to comment on that.
I will comment on the "Armor piercing" abilities of the Americanized Tanto, however. (Regardless of my meager qualifications.

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From Bladeswinger
I really love tanto's. They are one of the most versitile blade styles. You gotta love the armor piercing point!
The tip is thick, which makes it resistant to breakage. However, it also lowers its penetrating abilities. Logically, a well made, thinner standard point should take far less force to penetrate to the same depth because there is less drag from the thickness of the knife.
Even if the thinner knife breaks on the first try, one 3" depth penetration may be far better than fifteen 1" depth penetrations. Unless of course, you are up against multiple armored opponents and can't have breakage.
How often do you encounter multiple opponents wearing "hard" armor, such as metal plate or chainmail? Perhaps far in the past, but not really today. Modern armor, such as Kevlar, is soft and easily penetrate-able by standard points, and may actually be more difficult to penetrate with a thicker point.
I can't think of many modern applications, beyond defense against armored opponents, where one would need to penetrate thick metal in self defense. Remember, most car doors are 3-6" thick. Do you really think you could stab someone through them? Especially with a 4" folder?
If the intended use is not emergency self defense, I would suggest using a tool more suited to the task. For penetrating 50 gallon drums, I would use a good hammer and a nail or chisel.
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Anyways, my point is, the Americanized Tanto is not "all hype". There are uses to which I think it is well suited. But, I do believe that some of the hype is basically false.
-- Rob