I'm not going to comment on the sheathing except to say, the blade won't accidentally drop out.
I've found the blade stays very keen even when beating up on tree limbs, the serrations will part rope nicely.
The handle is nice when held in a fighting grip (forward or reverse) but is abit tiring when used as a 'general' field knife for chopping/ splitting - the handle is designed for the fighting grips, and drops off a little too much and thins a bit too much for my not very large hand at the glass breaking end when used for extended periods. I've discussed this with the H in LHR...
Don't let these commens dissuade you from using the knife - overall it is a great knife - and it was designed as a general figher, not a true field knife. On a cost/quality/usability scale it rates up in the low 90's on a 100 point scale.
I love it and am going to keep testing since the H in LHR has asked me to try to break it.... and what Bill asks me to do to one of his designs, I try to accomodate - I'm not holding my breath on the final outcome.
I need to see how it works as a pry bar...