There are pluses and minuses to any tool. The PowerLock is definately a decent tool, and a must for any collector. I doubt a company like SOG would be producing them for so long if they weren't good tools.
I have three of them myself, and I rarely, if ever notice the gears digging into my hands, at least no more or less than the squared corners of some other tools do. The biggest drawbacks to the PL design in my book are that the tools are fairly small compared to other multis in it's class, the tools aren't as easily accessible (since you have to open the tool, open the little protective door, pull out the tool you want, replace all the other tools that came with it, close the cover then close the tool), and the scissor design is a little awkward as the opposite handle gets in the way unless you use them while the rest of the tool is hanging open.
But then I can pick out problems with every tool on the market, so I wouldn't let this discourage you!
Def