My guess is that they have a tool like this queued up for after they've sold enough Arcs. It's their new flagship and they want to get what they can out of the rollout. Offering something less expensive first or in tandem seems to me like it would hurt Arc sales, because a lot of people would feel exactly like you and opt for the lower-priced version. Honestly I probably would have done that too. It makes sense. I love all the features but I don't need Magnacut steel or fancy coatings. (Side note that the P2 and P4 are out of stock on the website and no longer listed under the Free section... retirement?)
____
However... the Arc being pretty much exactly the tool I've been wishing they would make, and no cheaper version being available, and me being the sucker that I am and wanting to splurge a little for my upcoming birthday, I ordered one, and it showed up this evening. LM family photos:
The Wave was a gift from my brother 20+ years ago. I keep it in the studio now as a guitar tool. It's better for that than the new designs. The selection of different size flat drivers, the small-ish Philips, the scissors, the file, the pliers and wire cutters... it's basically a guitar toolbox. It also has sentimental value and I don't want to beat it up anymore.
I bought the Charge almost 15 years ago when the Wave went missing for a few months. I've carried and used it a whole lot since then but I've never liked it - it's clunky to hold, the blade shape isn't great, digging the inside tools out is annoying, opening the scissors in open position is way too finicky, I pinch my hands between the handles... everything just feels too big and too small all at once. Maybe it'll go in the car. Maybe I'll pass it along to my son or somebody else.
I bought the T4 a couple years ago when I'd finally had it with carrying the Charge around. It's a great little tool. I've had it with me most days since I got it. The blade is much easier to use than the older tools. The only real gripes I have with it, aside from tools it doesn't have, are that the blade is kind of hard for me to open with that little cutout, and the tweezers get pressed out by accident a lot when I'm using other tools. The drivers are starting to get a bit worn and need extra care to use - the main reason I like the bit driver, I keep the extender and a spare full size bit or two in my wallet.
Ultimately though, the T4 isn't quite enough. I need something with pliers. I liked the idea of the P4 but it had too much stuff I didn't want and no bit driver or diamond file. I could get a sheath for the Wave, or keep sucking it up and using the Charge, but I don't wanna. I am also one of those people who uses the multitool blade rather than carrying a separate knife most of the time.
I don't have too much to say about the Arc yet except that it feels great to hold and everything seems really easy to use. The weight is about the same as the Charge but it's distributed better and the shape fits my hands well. I'm loving the thumb stud. Scissors take me two hands to open at the moment... that's ok. The saw teeth feel sharp and look pretty aggressive. The spring in the bit holder seems very secure. I am not noticing any fit or finish issues, so far I think it's the most stable and precisely made Leatherman I've held. Maybe I'll have some more thoughts later. Right now I'm just happy to have it.