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I have a Prodigy and an LMF II also. Previously the Prodigy was my favorite, then the LMF II - the latter was on the heavy side for my tastes, but it had the sheath with the built-in carbide sharpener, the blade was thicker and longer, the two holes in the hilt for lashing and the handle is a bit grippier.
But the Ultimate combines what I consider are the best of the two: The hilt has the two holes, the handle is grippier and fits my hand better than either (most of the knives I like have grippy rubber like handles), the pommel is more useful (IMO) as it is flat and serrated to serve as a hammer instead of a glass/skull breaker/etc. - the blade is the same size as the Prodigy and the knife is about the same weight, lighter than the LMF II.
The spine has a slight notch ground in it to use with the included ferro rod (the notch is a sharp 90* edge that works well) - the blade (7Cr17MoV) is the same pattern as the Prodigy and LMF with slight differences (I prefer serrated for this kind of general purpose knife - I carry more than one knife - a Morakniv with a plain blade is usually one of them - serves as a "camp knife" for food/game prep and carving).
The sheath has a sharpener steel on the back of it (more useful than a v-notch carbide sharpener IMO) and a ferro rod fits in a slot on the end. There is a whistle on a lanyard. The one thing I don't like about the sheath is it doesn't have slots around the periphery like the Prodigy and LMF sheaths do - less options for wearing/attaching it. Also, it doesn't seem to hold the hilt as positive as the others (the LMF is very positive).
I got it on sale from SMKW for $37 shipped - which, IMO, is a decent price for a useful knife like this. I like good value knives and IIRC have never spent more than $100 (that for a Fällkniven) for a knife - yet.
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