As much as some people dislike Cold Steel, they are still a step up from CRKT.
I have a Oyabun (nine inch version of the Kobun), and while the tanto really isn't the most useful blade profile, it does seem sturdy enough. The blade took a slight bend after some prying and the Kraton handle developed a little play after batoning, but other than that it's doing pretty well.
Really, if you want a knife you'll appreciate in use, something more traditional would probably do better. I've been considering the Benchmade 158 (CSK II) for a while now, it's made of 1095 and has a Santoprine handle (very similar to Kraton). In theory it should be one darn tough knife. If that's what you're looking for that's what I recommend. If you need something more stainless the Cold Steel should be ok. (or you could take a look at the Benchmade 10502)
I've got the Kobun, it can take a very sharp edge. I think the Ultima would be stronger though if the Ultima has a full tang (the Kobun doesn't from memory). But then again, the Kobun was designed as primarily a self defence knife (Cold Steel calls it their boot knife) with a thin profile designed for easier concealment
I would rather have a Mora in my hand for utilitarian purposes than either one of these knives. My only experience with Columbia River Knife & Tool has been very good (I got the very large version of the Crawford-Kasper folder with a black-coated blade for twenty bucks and it has served me well as a "beater"), but the quality of their knives as of late seems to be suffering.
The newer version of the Kobun are not designed for very serious use, being designed without a full tang in the handle. 4116 Krupp stainless is decent stuff for being so gosh-darn cheap, but I'd rather have VG-10 or S30V any day, and the Moras really perform for costing a ten-spot.
I'd skip both of these and buy a Spyderco Aqua Salt, cause I'm a Golden Kinda Guy.
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