Which is more practical?

[10-Ring]

I want to upgrade my daily carry knife. I don't know if I should go w/ another folding knife or maybe a multi-tool (ie Leatherman). I guess the multi-tool is the "Swiss Army Knife" for the times. I didn't really care for the SAK because the tools wouldn't lock into place...suggestions???

[Guyon]

You didn't tell us what you're currently carrying or what you'll be using the new knife for.

Victorinox does make a range of locking blade knives (ie. the Rucksack (http://home.earthlink.net/~jflovvorn/Rucksack.html)), but they're a bit bulky for pocket carry.
I can personally vouch for the Leatherman Wave as handy, but the knife blade isn't all that great.

Your best bet, IMO, would be to get a decent folding knife with a pocket clip and also wear a Leatherman of some sort on a sheath. Then, all your bases are pretty much covered.

[Tamara]

In addition to a serious folder (Emerson Commander) my right pocket holds a Leatherman Juice kf4. I like the Leatherman Juice line because they're small and rounded enough to ride comfortably in a jeans pocket; roughly the size and shape of a medium-large SAK.

[10-Ring]

Current carry varies between a stainless Spyderco Delica & a Kershaw Chive. I'm happy w/ the blade, but there are times when I need something more (usually a screw driver).