Anything is better than nothing. I intimated a punk strung out on drugs looking for trouble just by brandishing my small Spyderco Native. It's true what Lynn Thompson says at the Cold Steel site: in some cases, flicking a folder open sends the same intimidation as a switchblade or automatic. The guy backed off quick! At this point, I'd rather not hear a rebuttal from followers of the Fred Perrin school who will cite "camouflaging the knife until you're ready to use it"; we'll save that for another thread! However, in short I would say it depends on the circumstances.
Right now, I carry a martial arts kubotan for self defense as I can inflict very painful but non-lethal blows with it. I also carry a Spyderco Native just in case and looking for a fixed blade like a Terzuola CQB...
However, I'll share an e-mail I received from BRAM FRANK, martial arts instructor and developer of the Spyderco Gunting:
"Military needs 7" to reach vital organs...regulation...
Combat knives need the same and ability to go knife to knife... guards, back edge strength to block with..retc etc.. Self defense tools need to be able to cut..and cut quickly... stabbing, thrusting are extremely inefficient way to stop someone//cutting is
very effective..therefore the smallest blade that allows for cutting would actually work..such as monty Python and the Holy Grail : ie the Black knight scene.. "its only a flesh wound"... 1/4 inch deep cut will actually cut muscle tissue.."