As the adjunct defensive knife instructor for S+W for the last 4 years I have some knowledge of their products from a user standpoint.
4 years ago upon taking the assignment, I was asked to carry one of their folders of my choosing for when I was there teaching at their training facility.
I chose the then new swat knife in tanto point, bead blast grey finish. Carried it for a month and found nothing wanting on the user end of things.
It held an edge fairly well, was easily opened, fit and finish was acceptable, and the tolerances seems correct and the blade open with a nice smooth feeling and not gritty in the least. The lockup was positive [ linelock ].
The head oftraining could not tell me what steel was used when I asked so they called the makers and I believe told me it was 440C, but thats from a 4 year old memory, so it may be 440a or b as well.
The only thing I did not like about it ws the weight. It was heavy on the pocket but felt great in the hand. All edges had been radiused and the knife felt like a good dehorned 1911 of mine.
I gave it to a freind of mine who stil carries it on duty, and neglects it regularly. It has developed surface rust over that time from the neglect [ I took care of it, cleaned it up once for him ].
There are as good or better out there for the same money but I did not feel underknifed in the least when carrying it. The lock on the one I gave him is still "good to go" [ carried often and not used much ].
Hope that helps.
Brownie