I received the Hissatsu in the mail today. The pictures do not accurately convey how impressive this knife looks in person. The AUS-6 blade especially is very intimidating. It has a two tone finish with the upper portion being mirror polished while the grind is matte. It is .20" thick out to 1.5" from the tip and the shape should give it excellant penetration capabilities. The edge is sharp, but not as sharp as the CRKT utility type knives. It is plenty sharp for slashing and stabbing, with enough bite for cutting through thick clothing, and does not have a fine, push-cutting type edge. This is fine with me, because I don't plan on pealing apples with it. I would like it to have been a little sharper from the factory though.
I like the sheath as well. It holds the knife securely, but allows for a very fast draw. It can be changed to allow the knife to be carried blade up, blade down, IWB, OWB, and vertical or horizontal. The knife is too long for me to conceal horizontally, and I imagine one would have to have at least a 42" waist to do so effectively. I have been carrying it OWB, blade up, edge rearward on my weak side. This allows for a fast draw with a reverse grip. It can be drawn and concealed behind the forearm or drawn and used in a belly slash all in one motion. Carrying it upside down also makes it easy to conceal for a large knife. The handle only comes down about 3" below my belt and I can easily conceal it under an untucked shirt.
In response to I-AM-A-WMD's concern about the Hissatsu's lack of a tsuba, i really don't feel that it will be a problem on this knife. Besides the grippy kraton of the tsuka, it has a prominent swell in both the width and thickness to prevent slippage. I have been carrying an SOG Pentagon with no gaurd for several years with no slippage problems and he Hissatsu has a larger swell than the SOG . Before I started carrying it, I tested for slippage with tape over the edges with several liquids and will do the same with this knife. In a knife this size a small tsuba would not get in the way or hinder concealment. However, the designer, James Williams, is a renowned expert in edged weapons combat, and would have included it in the design if it was needed.
Overall I think it is a well designed knife with a good carry system, which is an unfortunate rarity in fighting knives. The materials are of good qulity and the fit and finish are excellent. It could be a little sharper from the factory, but 10 minutes will fix that. Retail, at $99 is a more than fair for a blade of this size and quality. I paid $60 for it plus shipping which seems to me like a bargain.