Truth be told, even the USAF knife was a bit much for most, but not all needs in most field situations. Typically during most deployments and field problems, a lot of my soldiers would come to me with their Crocodile Dundee sized knives hanging at their sides and ask, "Sir, can I borrow your Leatherman?"
I have to admit that I like the huge Crocodile Dundee type knives. You are right of course, they are not all that useful in a lot of situations.
I ordered one recently just to see what the made in Pakistan knives were like. It was very inexpensive and the workmanship was pretty good. The blade needed sharpening and I was sure disappointed in how soft the steel is. I doubt if it would hold up to any hard use. It sure does look wicked tho.