There's been a number of discussions about what is a knockoff, what is a counterfeit, what is a cheapo etc. Here's how I see it:
Knockoff: Any tool that looks like a big name tool that is branded as the original- the Victorinox Rescue Tool fake and Gerber DET fake fit in this category, as do models that are branded similarly, like "Leahterman" or in the case of one of my brother's watches, "Rolax."
Copy: This is the category that the Mammut Wave fits into. It looks like a Wave but has it's own brand name.
Counterfeit: Any tool marked Leatherman, Gerber, Victorinox etc that is obviously (at least to the average MTO member) that is absolutely not produced by that company. We have seen some Gerbers that fall into this category, but the most recent one we have discussed is that Leatherman folding knife.
Cheapo: This is a non branded tool, often rebranded as another tool, but this type specifically has no markings whatsoever, or may be marked CHINA or something similar.
Off Brand: Lowes, Kobalt, Lansky etc- basically a store brand or anything with someone else's logo on it like Smith & Wesson, Craftsman etc. Any brand name that isn't one of the "mainstream" type brands we are used to.
That's how I usually see them, although these aren't hard and/or fast rules, and the terms are often interchangeable.
Def