I wanted to give more detail as to why the Wave Nylon sheath was retiring, but can't edit my post -
The hole in the bottom has stretched/torn/expanded to the point I don't fully trust it to hold in the tool and bit card (they won't fall straight through at this point, but they could potentially work their way out, and if the stitching goes, anything could happen)
The velcro Does very little at this point, all the loops have turned to fuzz.
The Belt Loop (vertical carry) has held up well, it is starting to "cut" (I wear it against a nylon belt, so "similar" material, but the belt is winning (slowly), but I'm not concerned that this will be a point of failure.
The elastic is getting pretty sad as well, it's still snug for now.
The exterior of the sheath has held up well, with some minor scarring on the panels, but the edge stitching and cloth tape that covers it all has done fine.
All in all, I would say I am "satisfied" with the sheath as a product, It's lasted 3ish years of more or less continuous carry - which given the Velcro and Elastic components, is probably what you might expect.