I just got a Leatherman Pulse for $39.99 at Sportmart (it was a X-mas special). I also own the Supertool, PST II, Wave, and Victorinox's Swisstool.
The tool I currently am carrying on a regular basis is the Pulse (I had been carrying the Wave as my regular, now it, like the others, sits at the ready).
The Pulse is an upgraded PST II, with bigger, slightly stronger pliers head. It doesn't have all the features of the Supertool or the Wave, but IMO it's extremely solid...more like the Supertool in that respect than the Wave. Some on the forums have not liked the new scissors design on the Pulse, but IMO they cut better at the tips of the scissors blades that the older scissor models on Leathermans. All the tools lock, and unlike the Supertool you need not open another tool to unlock a tool.
Nevertheless, the Pulse, Supertool, Wave, or any of the Leatherman tools are good choices...the best bet is to visit a shop, find out what features each has and what you personally feel you will need/want in a multi-tool, and decide from there.
BTW...I also like my Swisstool, but out of habit/personal comfort, I use my Leatherman more, in addition to a littl SAK in my pocket.
Jim