Leatherman has been making multi-tools in Portland, Oregon since 1983. The Wave has been in production in various forms since 1998, and the Wave Plus is the current version - refined over three decades into something close to the definitive multi-tool. Eighteen tools, all accessible without opening the handles: two knives (plain and serrated), a saw, scissors, pliers, wire cutters, a file, a ruler, screwdrivers, and a bottle opener.
What makes the Wave Plus worth owning over cheaper alternatives is the outside-accessible blades. Both knives and the file open from the exterior of the handle with one hand, in the same motion you would use to open a folding knife. You do not need to unfold the pliers first. For everyday carry this matters more than it sounds - half the reason people leave multi-tools behind is that they are awkward to access in the moment you need them.
The wire cutters are replaceable, which is significant. On most multi-tools the cutters dull and that is the end of them. Leatherman sell replacement cutter inserts that press-fit into the plier head. It is a small engineering decision that extends the working life of the tool considerably.
The 25-year warranty covers manufacturing defects. Leatherman process their own repairs in Portland, and the turnaround time is typically fast. The build quality is consistent enough that the warranty rarely gets used - this is a tool that survives decades of regular use rather than years.
The black oxide finish on this version is more resistant to corrosion than bare stainless and wears evenly over time.