Are you set on Leatherman?
Gerber makes some nice ones....
I have a leatherman, but the knife blade is terrible.
It apparently is made out of warm butter.
I've actually had the opposite experience with Leatherman. I've always found their blades to be excellent. However they do use different steel depending on what model you buy. For example, the Charge series uses better quality steel than the Wave.
While I don't own one, I've heard nothing but bad things about Gerber and the quality of steel they use. Those cool deploying pliers look kind of fun though.
OP
I believe the Wave is Leatherman's best selling multitool, and it is pretty nice. I've beat mine like crazy and it's still going (it is semi-retired though since I got my SwissTool RS). So far, despite all I've done to my Wave, I've only had to send it in once for repair, and they repaired it free under warranty even though it was my fault (standing on the handles with all your weight to cut through a big screw is not a good idea haha.)
The company is great and truly stands behind it's products.
In terms of design, the Wave is very well thought out. The blades are one-hand accessible, and are well made. I also love the interchangeable screwdriver bits (I bought the whole set of bits for it).
On to the Blast. While I don't own one, I'm not too big of a fan of it's design. It's blade opens "inside-out" in a way that is very awkward to use.
I own a Kick, which has the same handles as the Blast does, and I can't stand the plastic 'Zytel' lining. It's harsh on your hands, and just makes the tool seem very cheap.
One other thing you should know about Leatheman, is when you first get them, they are terribly tight. I had to loosen the screws on my Wave just to be able to open it. But once broken in, they perform really well.