There are already plenty of reliable reviews here, i just want to add a certain perspective/take on some of the qualities of this great knife vs. a "butterfly" multitool (in this case, the Gerber Diesel).

First off, size, obvious advantage goes to the Champ, its more compact and the tools included are about the same size when deployed. Some comments have said that this is too big for a walk-around pocket knife. To put it in perspective, its total size is similar to a cellphone, and it weighs slightly more than most phones... so if you can put a cell phone in your pocket, you can probably fit a Champ in there. Obviously this is no "razor" thin design... but it fits quite well in the pockets of my pants.
The other advantage here is its shape, which is much easier to throw in a pocket compared to the Diesel with its slightly irregular shape that could potentially rip or poke a hole in a pocket (which is why it includes a pouch, but I don't like carrying things on my belt).

Secondly, weight. my highly unscientific tests show that the the Champ is only slightly lighter than the Diesel. It has the weight of quality to it, and you get a load of tools in a very tight space.

Third, and this one is obviously complicated, are the tools themselves. If you find yourself in need of some serious torque and grip action, the Diesels large pliers win out. I also like the Diesel's half-serated design on its primary knife. The size of all the other tools is approximately the same (as stated above). The scissors on the Champ are superior but its sheer variety that really impresses me with the champ.
You get multiple screw drivers(similar to the bits included with the diesel), the VERY convenient "mini"/eyeglass screw driver included in the corkscrew, the almost famous tweezer, toothpick and ballpoint pen inserts, a magnifying glass, and the very cool (if rather short) ruler etched into the fish scaler.
Another cool feature of the knife that few have mentioned is that the screwdriver bits are actually designed for two positions, fully flipped open and at a right-angle to the handle of the tool. This design increases torque and it affords a more natural grip, and that's the real difference maker overall. This just feels better in my hand and makes me more inclined to use it.

Did you know that a man named Karl Elsener, a cutler in Ibach, Schwyz, Switzerland invented the original Swiss Army Knife and it was dispersed to soldiers in 1891? This amazing little invention has been around that long and has gone through more and more improvements. Any outdoors person should not be without one. Whether camping, hiking or fishing, this is a must have. Be careful of cheaper imitations. Everything is stainless steel with thirty-two different uses. It literally has everything you need on a camping trip. You can read about more in the supplies page, but I would recommend that after each use, you clean it thoroughly with a damp cloth and then wipe all the blades with basic oil fluid. It does have a lifetime warranty (against any defects), but if you take care of this amazing "knife" you can pass it along to the next generation. It is a fantastic gift for anyone. I won't repeat what you can read above - just check out what this great invention contains! "Victorinox" is the original 'Swiss Army Knife'!

I purchased several of these knives for Christmas gifts for some of my best customer's staff. They loved them! I have gotten more positive comments about the Swiss Army Champ than I have about gifts that cost quite a bit more. Everyone needs and wants a Swiss Army Knife.

This was a graduation gift for a young man going into the Air force.
I am sure he will find it a handy item to have.

Discovered Victorinox in Switzerland many years ago. This was bought for a very special man in my life, my Dad. Great gift.