Actually, this is one of the things I was concerned about when I went shopping for my first knife. I was wanting something a little nicer and more robust than your basic swiss army knife, but not to the point that it would raise any eyebrows.
Bigger knives, black knives, and assisted knives tend to get the attention. However, a large component of it is the person behind the knife and how they dress/act. That said, the town I'm in has a fairly large outdoors crowd, so I'm pleasantly surprised that my big assisted Scallion doesn't tend to draw a lot of undue attention. It helps that I'm a big guy, so it looks 'normal'-sized in my mitts. It also helps that I got the composite version which, as one person described it, makes the knife 'pretty'. Third, I tend to be careful about where I open it, and how I open it (on many occasions, I'll open it with both hands like a standard folder rather than let the A/O kick in, as it can definitely look and sound switchblade-y).