I do EDC (every day carry) a Swiss Army Classic, mostly for the scissors and toothpick. I always have some sort of folding pocket knife in the 3"-3.5" range. My EDC knife du jour has been a Kershaw 1555TI Cryo which is a 2.75" assisted opening all metal single blade folder.
This is the same tool strategy I use for hiking, with one larger knife backed with a small multi-tool version. I have used the SAK Classic, Leatherman Style, Style CS, or Micra. My "real" folder is a Benchmade Griptilian and I have fiddled with a whole gamut of SAKs. My favorites there have been the One Hand Trekker, Farmer, and Hiker, all with saws.
The Trekker has survived the sorting process. If they made the Trekker with scissors replacing the bottle opener, I think they would have the best hiker's tool. As it is, I still feel the need to back it with a Classic or something like the Westcott scissors to have all the tools I want. I could get by with a smaller SAK, like the Compact model I mentioned earlier in this thread, the downside being the lack of a locking blade. A Hiker model with scissors would be the my 91mm wish tool.
With all of this, I'm getting past the "single edge razor blade" school of UL tools. I can't justify the use of something that small to check off the knife box on the 10 essentials list. IMHO, a trail knife should be capable of making tinder for emergency fire building, but that is really the toughest chore I would ask of a trail knife.
The real everyday chores are food prep, grooming and general repairs, and is see nothing wrong with breaking that down to several good UL tools like the Westcoff scissors, Uncle Bills tweezers and the Victorinox paring knife.
One final mention is the Mora line of fixed blade knives. There are newer thicker blades models like the Robust and Bushcraft that can hold their own with many of the semi custom knives for shear utility and at a tiny fraction of the cost. The Light My Fire version with a firesteel stowed in the handle is quite light and inexpensive and is my first recommendation for a fixed blade trail knife.
The total weight for the Rambo-esque tool kit below is a back breaking 4.4oz.
Light My Fire/Mora knife with integral firesteel, Westcott scissors, Uncle Bill's tweezers:






