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I believe it is for attaching a lanyard. (At least that is what I vaguely remember from reading the literature that came with it oh so many years ago!) Kind of pointless, since it has to be swung out to be able to attach a cord to it.
As TTC said, I have had one of my Gerber’s (I have two; both were welcomed Christmas gifts) with me at any time I’m wearing something with a belt. Never had any other brand.  Things that are good about it are the fact that the pliers can be deployed with one hand, and the handles for the pliers put the rounded portion against your hand; unlike the Leatherman which has the open, relatively sharp side of the handles against your hand. Put the two of them side by side and exert a lot of force onto the pliers and the difference is quite obvious. Also, the pliers can be partially deployed, which gives the pliers a compound leverage effect, but at the sacrifice of reduced jaw opening. Not so good is that they need to be opened fully to get to a blade. It really just comes down to tradeoffs; I really don’t think there is any one make / model that does everything well. But, as with any other tool, when used within its intended range of use they perform well. For heavier cutting jobs the folding Buck gets used, and fillet knives (as well as hemostats) are specialty tools that are difficult to replace.

I have kept the same Gerber multi tool on my hip for probably 15 years of camping & canoeing.  I have no idea what model it is, but it holds an edge well, and the needlenose can be easily extended with one hand while the other hand holds a fish.  The phillips & flathead screwdriver blades are decent.  I do not use the file or "saw" blade much at all....and I still have no idea what the round thing with the hole in it is for....other than that, it hit 'old friend' status years ago as far as gear goes.

Jimmar.  The first couple of days were a bit sketchy but the repair held the rest of the trip through multiple portages, some really bad weather, and the car ride back to Iowa. I wouldn't bother with the extra resin and glass. Even after a trip when I could of used it.  A big roll of good waterproof duct tape and a multitool should be fine. Besides, it sounds like your canoe to be ready for anything.

I have a Victorinox my friend picked me up when he was in Switzerland.  Awesome tool - should be though from the company that makes Swiss Army knives

I recently purchased a Leatherman charge TTi.  I love it.  It replaced my original leatherman wave.  It's super comfortable in the hands and isn't too big.  I also went through the dilema of weather or not to bring a leatherman into the backcountry. I have rarely used the pliers....the biggest concern is weight....the wave/charge weighs in at 8.5 ounces.....however...like previous posters have mentioned...if you have a gear failure or really need a pair, they're a lifesaver...I'd rather have them just in case.  I think the wave/charge is the perfect multitool...I've looked at Gerber-Swiss Tool-SOG powerlock etc. and I've found that leatherman still does the multi-tool better than everyone else in my opinion. The only thing I wish my charge would have is an AWL. Otherwise I think that a Swiss army knife paired with a normal pair of needle nose pliers is a good combo as well...can't go wrong with a SAK.

I use to carry a Leatherman but now opt for the Gerber Clutch small, light, and gets the job done. As for knives, in the last 2 years I've gone retro, I carry a Case Trapper in a leather belt sheath, use it primarily for fishing, camp chores and cooking.

WOW! I'm planning to bring my stripper to Q this June for the first time. She's built extra heavy, about 60 lbs for a 15ft., (2 layers of 6 oz inside, and 1 layer of 6 oz + graphite on the bottom) but looking at that photo, I'm getting a queazy feeling in my stomach. I think I'll bring an extra roll of tape and maybe even some extra glass and resin just in case.

Great repair job! Obviously it held up, but how nervous were you paddling out?

Gerber Tool and a roll of Duct tape arguably saved my life.
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SW

The leatherman steel is brittle-I have broke the saws, small screw divers tips, and shattered the phil's head driver...on more than one. The Gerber I had sheared the main pivot pin on the pliers-only on one and I stopped there. Now I use my hunting knife and the smallest visegrips available-the grips have served me well for years and they came out of my carpentary pouches-years of service there too. I use the my stove tool-the one that came with it-for a screw driver-or the quarter in the first aide kit....Yeah so I am hard on tools...I use them

I always bring my Leatherman since the time I had to cut a treble hook that was embedded in my thumb from the F-18 Rapala that was also attach to a very agitated ~15LB Northern. The cutters snapped the treble wire fairly quickly and I was greatful that my hand was not more severely injured.

Also I always bring my USMC K-Bar (short version).