Just got this knife and only had a chance to use it once - my first impressions:
1) Nice look - heck, that's the primary reason I got it
Yes, I'm vain.
2) RUST! Just on the ride home(granted 4+ hours), there was a bunch of rust stains I had to scrub off. One lazy day after diving and I fear I'll have another rust-encrusted knife.
2b) There are a bunch of holes in the knife for duties such as spear straightening, spear extraction, etc. that as far as I can tell, do little other than serve as rust culturing centers.
3) Not very easy to take out of the sheath - note, not very difficult either. It would help to have a piece of rope with a knot hanging out or something to grab onto. Rope tied around the handle would be an open invitation for rust, so that's not a viable option. Also, please note that this was with 5mm gloves - I'm sure 3mm or bare handed would be a lot nicer
In any case, unless you have tiny hands, the most accessible way of extracting is to start pulling with your thumb and forefinger - dexterity that shouldn't be a requirement in something that also qualifies as an emergency tool. If I had to take it out in a hurry, I'd have a lot more dificulty than with many other knives.
4) WATCH OUT! When re-inserting your knife into the sheath, the narrow entrance may be a recipe for stabbing oneself throught the arm/leg. I'm wary about that, so take special care not to do so
5) I've seen scars of people who have had the knife eventually cut through the bottom of the nylon sheath as well. Mine is still basically new, so not really concerned yet.
6) The line cutter on mine is worthless - have to re-sharpen or something. The serrated edge isn't bad, but needs work. The point is perfect and the best part of the knife. Great for braining fish. Of course, for smaller fish I found it quicker and less of a hassle to just use the spear point to brain the fish.
I have a few more random observations, but I'm at work, so should be getting back to doing something more productive. :naughty
My overall feeling of the knife is that it's not as functional as it should be and really isn't worth it. I love picasso stuff, but I'd rather have a more dependable knife that I can abuse and not have to worry so much about rusting over or self-inflicting wounds. Of course, I'll still use it because it looks dang cool; however, I think I'll probably get another new knife soon.