It is the new Leatherman pliers based multitool built around the Leatherman Free series frame. It has a magnacut knife blade.
Reportedly this was released early through REI in a limited fashion. Some people already have their hands on them. Check youtube for more info.
I'm not impressed by it. It looks like it's just an upgraded version of the Leatherman Free P4. Main differences are:
1. It comes with a pocket clip which can be moved to either side.
2. Magnacut knife blade
3. Has a proprietary Leatherman flat bit driver
4. Flat exterior finish. There are no little divots on the outside.
5. The serrated knife has been replaced by a proper 3 sided file with a diamond coating on one side.
I never liked the Free series. Too gimmicky, and the magnets in the Free series will attract metal shavings.
I also hate the Leatherman Proprietary bits. They're too soft, they cost too much, and they've been hard to find replacements for a lot of the time because nobody has them in stock. You can't really buy individual bits in most cases either, so you're forced to buy a whole set or the half of the set which has the bit you need. It's a dumb system. I could excuse it a little if the bits were more durable. The bit selection is also limited to just the bits which Leatherman manufactures, and that's not a whole lot.
Still, I think a lot of people will swoon over this just because it has a magnacut blade, even though they don't use their multitool blade as a primary knife anyway. Too small. I think most people usually carry a larger dedicated folder in addition to their multitool. Even for people like me who don't do that, it's hard for me to justify the inclusion of a magnacut blade. I think multitool knives should be made of cheap budget steel. It makes the most sense to me, especially when all the other tools in the multitool are made of cheap steel as well. Including a magnacut blade in a multitool is like putting a golden toilet in a Winnebago.
I'm curious to know how other people feel about it.