Interesting topic. I've had a few over the years but it took a while to find the "right" one for me, so I've only edc'd multitools (when working only) for the last few years and my thinking on them changed over that time.
At first it was a supplement to my edc (for many, many years) electrician's knife and pliers. Then I realized that the electrician's knife wasn't doing anything the multitool couldn't. After that was a couple years of multitool only carry. That changed a little less than a year ago when I discovered that a folder with a more secure grip could be handy for some of my cutting tasks (a respectable amount of blood was involved in this realization) and one hand opening and closing would sometimes be a bonus as well. Turned out I liked one handed operation and pocket clips quite a lot more than I had previously imagined possible.
That has led me to my current edc setup and my choice on the poll: multitool as a secondary knife in addition to its tools.
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Not today's pic, but it is (totally uncoincidentally as it's my current favorite combo) today's edc. The folder may vary a bit day to day but the multitool and pliers don't, at least until I find something that fits my needs better. The folder does most quick, daily cutting tasks with the effectively SAK blade of the Vic multitool used when it's enough of a better choice for the job at hand.
TL;DR: Choice #4.