The pliers.
The SOG pliers have a more robust feel to them. I was thinking the exposed spring would somehow be easily broken or damaged or something. None has come true however it did catch on my coin pocket. The gears are also a bit annoying as the are like mini circular saws wanting to cut the crap out of everything they come into contact with. OK I'm exaggerating
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I do feel like the SOGs pliers are far more capable than the LM P4s in terms of holding power. These pliers are the pit bulls of little pliers. Heres the problem tho, the tool is uncomfortable in hand even at moderate pressure. You rarely hear me gripe about my hands hurting using tools but remember these pliers are squeezed with fingers. I've got tough fingers too but the edges of the tool are like the older LMs.
There is also the issue with access. The shape of the SOG pliers are neat but limited. So heres my take and usage of such small pliers.
Small pliers are for times when you need more gripping power than your fingers can muster. They are also great when you need to hold something small very precisely. They should excel in getting into small space where my fat fingers cannot. They should also be capable to turn a ( within reason ) bolt/screw/ fastener/etc. The added wire cutter is great addition which add to the function of the overall tool.
The Leatherman Squirt P4 pliers are needle nose and more precise as a result. Both pliers are spring loaded so thats a great thing for both. The LM P4 pliers gripping teeth are not a finely serrated as the SOGs but for me thats a plus. I feel they 'bite" the object I'm grabbing a bit more. The finer tip also allows me to reach into tighter spaces. While the SOG certainly feels like a pit bull holing onto a steak, the LM P4 has never let go of anything I was trying to hold onto. The reach is a clear advantage for the LM P4 pliers.
I've cut larger paper clips with the P4 as well as the SOG and both have doe a good job.
The Win to the Leatherman Squirt P4