I don't think the lack of a blade is an issue. Don't most people who carry multitools already have pocket knives? Pocket knives which are often better quality than any multitool blade you're likely to find?
I don't think so. I carry a mutlitool and I would not want to carry a separate knife as well. The 3 things on it I use most often are knife, bottle opener, and screwdriver. My multitool's knife is also the highest quality blade I own.
But I honestly think this is aimed more at the crowd who would carry this:
http://www.leatherman.com/25.html#start=1
...which is the travel-compliant bladeless Leatherman.