The Leatherman Wave+ is the most popular and recognizable multi-tool from Leatherman. Even if you're buying something else, this is the benchmark to choose for comparisons. The Wave+ with the Plus has been updated with replaceable wire cutters and retains all the good things we've come to expect from the Wave.
This Black Oxide version comes with a PALS-compatible "MOLLE" sheath.
The Wave+ manages to keep a reasonable weight and sleek exterior without superficial curves and holes all around. It has a locking knife and diamond-coated file on the other side, and a serrated blade and coarse wood saw on the other. All exterior tools have liner locks. On the inside, you'll find a good pair of spring-loaded scissors, a small bit driver (e.g. for eyewear hinge screws), and a regular bit driver for any special needs you might have, plus a few classic tools. The inner tools have spine locks.
Each handle is stamped from stainless steel sheet with steel end inserts. The action is tight at first but becomes very smooth over time with repeated use and a drop of oil into the moving parts certainly doesn't hurt.
Fits into a pocket and can be tethered to a lanyard. Comes with a (Chinese) nylon sheath for PALS webbing applications.
The Wave+ has a modern selection of tools without being too specific or complex. We think it's a bit funny to count the pliers with two grip areas and a side cutter with notches for hard-wire as four (4!) tools but that's the official way so that's what we list as well.
All tools have positive locks to ensure you can safely push while turning a screw, for example. The ends of the pliers meet precisely – a detail we appreciate.