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This is an interesting knife. The big feature is its special slipjoint lock, and the big question is whether you want that enough to make this knife worth it. I think it succeeds at being a really solid, useful knife that doesn't lock. If that's what you want, I doubt you'll be disappointed by this knife.
Of course it doesn't lock as well as modern frame- and liner-locks, but that's missing the point because it's not supposed to lock. When you think of all the R&D that's gone into those lock mechanisms over the last decade, they're a tough act to follow.
When I make that comparison, I also see that the PITS lacks a bit of refinement. I took mine apart, and found a couple of screws were a bit loose. All edges of the blade were horribly sharp, even the ones that aren't meant to be, so I rounded them with sandpaper. After cleaning, oiling and reassembling, it feels much better. I don't blame sypderco for this, since they are the first to manufacture the mechanism in production. (And I've found those sharp edges on several italian-made knives.)
However, the blue finish is a bit useless and delicate. While my knife was apart I shook it up in a container of stones and soapy water to give it an evenly scratched finish. Since then I've found myself carrying it a lot.