Like most, depends on where I'm going, what I'm doing and the environment in which I'm doing it. I have a wee half a**ed ranch and have use for a both a knife substantial size (say 4"+) on a daily basis a well as a leatherman. I feel kind of nekkid if I don't have them.

I'm not used to a sock knife either but with my great kilt it's a valid choice.
I agree about leatherman tools as well, to the point I've considered building a sheath for a leatherman sgain dhu--the ultimate in tradition if you consider the tradition was to have the most useful tool in your sock.

As to actual tradition, I'm half inclined to think the sock knife was a decoy to draw attention from the six or eight other knives tucked into armpits, waist bands, sleeves, under clubbed hair and whatnot.