The USN Mark 1 was intended to be a utility knife.
This was basically a military version of the "standard" small hunting knife made by most knife makes before and after WWII.
The Navy decided they needed a bigger knife and adopted the USMC type knife as the USN Mark 2.
The Mark 1 makes an excellent utility knife today just like it did in WWII.
There are more modern designs and certainly more modern steels, but it's hard to beat the Mark 1 for the price.
The 1095 steel was used in both the Mark 1 and Mark 2 and is still used in today's USMC knife.
It takes and holds a good edge, and is very durable. It will rust, but that's a matter of taking care of it.
The knife you linked to has a far better sheath then the original Mark 1 and 2 leather, and is probably a little better then the later Mark 1 and 2 fiberglass bayonet type scabbard.
The synthetic rubber handle will be far better then the original stacked leather handle and will give a better grip.
So, you can easily do worse.