Yeah, I've always been unsure about this design. I've never even seen one of these in person but it seems to be a strange way of adding pliers to your kit. I'd rather have a Rangergrip with a terrific saw in a thinner package, with, dare I say it, a Leatherman Juice for pliers, scissors and phillips screwdrivers. Or indeed a Swisstool Spirit, though even that lightweight beauty seems heavy next to the LM Juice.
(Or, as you suggest, a real pair of pliers that cost $5 and probably work much better!)