I'm digging this thread up because it's not THAT old, and I just got my P4. I wanted to give some overall impressions of it.
The long and the short of it... I really dig it. While we will see how well the innovative magnetic system holds up, it really doesn't bother me too much for a couple of reasons: First of all, it carries Leatherman's great warranty. I figure that if the Free system starts to spiral and wear out well before 25 years, Leatherman will either fix it or just send us the newest upgraded whizz-bang tool they are cranking out. Also, should anything fail on the magnetic closure, the locking tabs on the pliers jaws or the little tabs that snap the tool handles shut, the tool will still be 100% viable. Loosely Goosey, sure. Annoying, absolutely. However it appears that if anything "breaks" on the tool regarding the new components in a bad situation, it should still function. My main concern with trying something new was to have it take a dump on me when I need it most. Besides the tools flopping around, it seems like all the components are fastened in well at the tang of the tools.
Tool set, for me, is spot on. I think I'm one of the rare LM fans that pretty much straight up hates the mini driver system that everyone is complaining is absent. When you start allowing me to pack even more specialized bits, I feel the need to bog myself down with them. None of them were long enough for what I needed to do, so they were a bit of wasted space in my sheath as I wasn't going to carry an extension on an edc tool. You are squarely in "tool box" territory by then. I would say that of all the tools that used them, I think the Skeletool and MUT did it best. Just a couple of bits that hid away in the slabs of the handles to give a very thin tool a bit more flexibility. Even at that, I lost quite a few of them. I'm totally good with a few different flathead and Phillips drivers that are permanently attached. Bit loss was one of the reasons I ditched my Wave and Surge and went to the ST300.
One of the tools I like the most is the plain blade. Man, what a winner for an edc cutter. Just long enough to use without looking threatening and sporting a wide blade with a robust spear tip. The only thing that would make it look better is if they had swedged it, but that would have added even more cost. However, great user shape and bonus points for making the spine at the thumb hole more proud so that I'm not flipping the tool over and over trying to figure out where my knife is.
The serrated edge is ok. I'm not in love with it. I'm torn on the blade shape. Part of me likes the little beater edge on the tip. Part of me will always be a fan of a really rounded tip. We'll see where it lands after some use, but generally I only use the serrated edge for cutting rope or cardboard.
All the internal tools seem to come out with the press of a thumb as advertised. I like that almost all of them can do multiple functions. I will say that I am actually a fan of the awl. I poked some leather with it, and it works fine. It cuts deeper that the pointy kind. I do find the ruler laughable. I'll almost assuredly never use that stubby thing, and the can opener being a stand alone tool seems like a waste of space. Dont get me wrong. I like having a can opener. 15 years ago when I lived on my own, all I had was a SAK for cans and it was fine. However, not making the tip another screw driver seems like a missed mark for a pretty antiquated tool. I mean hikers/campers dont really even pack heavy cans anymore when you can just toss an MRE in your pack. Anyway...meh.
I do like the pocket clip. Kudos for smartly including it as a standard item. I know early adopters didnt get one with the tool, but it really makes sense for a tool at this pricepoint and use. I like that it is a VERY stout steel that rides deep but a bit loose. It can grab onto even the thickest work pockets and relies on the weight of the tool to hold it in. I like that. I've over sprung several pocket knives at work when I would catch them on things and bend the clips. This one is a chonker.
You know what I haven't heard one time since I received the tool? SSSSRRURRRRCHHHH. Leatherman finally gave us a sheath worthy of their tools that doesn't sound like a toddler's shoes or an old man's wallet. The button snap is positive and very quiet.
Random things I like: I love the way the jaws feel when they engage opening. What a satisfying CLICK. I also think that this will be a pretty easy tool to keep relatively clean. Since all the tools fold out, there is no channel to collect dirt.
Elephant in the room: Is it worth $139? That is purely up to you. Does it do more than my ST300? Nah, probably not. Is the P4 really cool and very well made? Oh yeah. Really nice step up in quality. I still think it's worth $110, but I dont regret buying it.
Definite win for those who collect the newest MT. I can't wait to see what they figure out next.