They really are nice.
I just received mine on Friday and I am very happy with it. I think my favorite feature is the package opener. It is a little long, however I keep it my back pocket and never feel it.
You can remove the bit and elastic retention thingy and it will slip just fine in your LM (or other) sheath...
Good idea.... except that leaves me bit-free! Can it be done without destroying the rubber bit?