I think that where the Kephart comes up short for some people is those looking for a 'one tool solution' to do everything, incl. things that historically were tasks best left to other tools. It's a more recent bushcrafty/survival phenomenon, this obsession with "one tool for everything." And it's kind of silly, imo. Even Ethan Becker, a big proponent of the sharpened pry bar, sees the virtues in the Kephart design. No one back in Kephart's time would have tried to do everything in the woods with just one 5" knife, unless they had broken/lost every other woods tool they had. This was generally considered not a good situation to be in, and not something to do deliberately for fun.
In historical context, the Kephart was and continues to be a great
knife, for doing a wide variety of
knife things. Pair it with a saw and/or axe, as was intended, throw a SAK in your pocket, and you have a very capable outdoor toolset. Personally, I prefer this approach. Some don't, and that's fine.
I guess that doesn't really answer your question, because I think we are more or less in the same camp.