I've had one of these since 1997. No doubt, the new Leatherman Wave is slightly different than the one I own from 13 years ago. It's hard to imagine how mine could be improved, but a company like Leatherman would know what to do.
I've used all of the various tools at some point, and each one has performed just as they should. The pliers are surprisingly strong, as are the locking mechanisms (even after 13 years - not any weaker as far as I can tell). Just keeping it clean and applying a couple drops of lubricant twice a year has been enough to ensure it looks like new.
If I were to find any fault, it would be that the straight blade is fairly thin, and thus, should only be used for the lightest cutting jobs.
If you're looking for an excellent multi-tool that will last, you can't go wrong with the Leatherman Wave. If this is a gift idea, try getting the recipients name engraved in the handle.