I agree with Falling Rain. SAK's certainly do have their own niche, and they fill it well. As much as the tools and blade steel is scoffed at, it's actually quite good stuff. I also think that if you're slicing/carving something that an SAK won't stand up to, it's probably time to start thinking about pulling out your fixed blade. Different tools for different jobs.
On another note, I went nuts the other day and spent the better part of an hour cutting up a bunch of cardboard boxes using only the large blade on my daily carry SAK. I was really impressed at how well it held up. It wasn't shaving sharp after an hour of serious cardboard abuse, but the blade was still reasonably sharp. I'm guessing this is probably due to the blade geometry of the knife, it has a really acute angle and that might be why it held up so well.
Just my two cents!
Adam