If i had to pick one word/concept to descibe the Sebenza and why it's so highly regarded, almost to cult status, id say, because it screams QUALITY in every regard.
Everything about it is of the highest quality. It does everything so well.
On any folder, the lock is crucial, the more confidence one has in the lock, the better the knife. Well, anyone who has closely examined a Sebenza's lock can only go away thinking that its as rock solid and as high quality as is possible, thus, the knife inspires great confidence. I defy you to find a stronger, more sturdy, well made liner/frame lock mechanism. So, in this critical regard, the Sebenza delivers.
Next, the blade, each blade, as has been said, is hand finished and fitted. The steel is top notch, either BG-42 or S30V. Great blade profile and grind, again, done by a skilled hand.
The frame is simple, but very sturdy.
The blade opens as smooth as glass, thats not to say without effort, theres resistance, which is a GOOD thing, dont confuse ease of opening with smoothness, the blade opens with the perfect amount of resistance, and yet its super smooth at the same time. So, in this regard, again, all you see and feel is...quality.
Fit and finish, things like centered blades, no blade play, the tactile feel and look of all of the finished parts, all, again, of the absolute highest quality, even down to the polished hex head screws.
Add the ability to disassemble for a thorough cleaning, the great service, the nearly free resharpenings/refurbishings, and you have a knife that is so consistent in quality, a knife where everything you could ever ask for is done perfectly, with skillfull and precise execution, that, with good reason, these knives have developed the following they have.
Anyone who appreciates a tool made to the absolute highest standards, with the finest materials and the best fit and finish, should appreciate what the Sebenza has to offer.
Also, one more thing, i have seen many customs, even by the "masters" of the utility/tactical knife like JW Smith and the like, and the Sebenza is every bit the knife they are, thats not to say they arent great knives, they are, but so is the Sebenza and the mere fact that its techincally not a custom, shouldnt give you the idea that it doesnt have custom quality, or fit and finish, it most certainly does, in fact, i have seen many customs that arent as well made, and few that are, and this coming from a guy who loves customs and owns many. And since you can find new Sebenzas for $300 or so, when you really think about it, this is not an overpriced knife, heck, at $300, it may be UNDERpriced.