I have played with the plain edged one at the Bushcraft store in Enfield, felt OK, and I have the compact version which I find very comfortable to use, it even replaced my Fallkniven WM1 as my go to small knife. The definitive review of the serrated version, which is practically identical, comes from members here by the user-names JonathanD and Southey,
http://www.bushcraftuk.com/forum/showthread.php?t=78012&highlight=grylls+ultimate+knife As you say, many rubbish it because of the association with Bear Grylls, and Gerber in general, but your basically getting a slightly better Gerber Prodigy with more toys for a cheaper price, and lots of people like the Prodigy (with the exception of the serrations,read the comments on Gerbers website). Another thing is I have several Fallknivens', Bark River, Enzo and other knives, but I get mildly paranoid about using them in case of damage (chips and anything requiring regrinding them), the exception being the Grylls compact I have which I have used to do things I wouldn't to another knife, such as placing in a fire to split and position a straw log, or as a prybar when I had no other choice.
I need to learn to type faster