Okay, so I've had the tool for a few days and played with it a little.
Wire cutting on 12-gauge wire and scissors tests have been posted elsewhere, but in brief, it cuts wire okay and has excellent scissors on par with the Wave's.
I'm still not thrilled with it, and still don't know why. I have a suspicion that it's a combination of the finish and the use of space. It feels lighter by volume than a leatherman, so it sets off something in my brain that says 'cheap'. I know it's not the case, but that's logic, while my dislike for it is something I can't put a finger on.
Other than the blade. It is an utter POS (at least the edge is). However, considering its thickness, it might very well be a very stout POS.

I really like the drivers. Played with them just a bit. The phillips in particular is excellent. Can opener reviewed elsewhere, but works middle of the road well.
I was trying to find a comp in Leatherman, and it comes close in function to the Wingman. Of the two, I'd rather have a Wingman. The strong retention of the tools on the Wingman is close enough to locking for the internal tools, and the big one, the blade, locks. Scissors on the MP400 are without a doubt better, but slower to access, and the scissors on the Wingman are perfectly adequate for day-to-day tasks. The Wingman's drivers have longer reach. There's really no loss of a bottle opener on the Wingman since its can opener will lift caps. The OHO blade on the leatherman (also a semi-serrated) is OHO AND comes very sharp. If I were doing hard (potentially damaging) work with the blade, I'd prefer the MP400. As I mentioned earlier, it's a pretty stout blade. I really REALLY don't like having to open the plier head every time I need to access another tool. I have no need for instant access pliers, and if I did, I'd carry the SOG Powerlock instead. Yes, this may be the only time you ever hear anyone EVER say they'd pick a Wingman over anything else.

But the truth is, the most likely tools I'll need are blade or scissors.
No regrets in getting the tool. Excellent if for nothing else than seeing how other design paths work. Overall, not a bad tool, just not to my taste.
Now, I just need to do a mod to put the MP400 scissors on the Wingman.
