We have a Champ and a couple of other "tool closet" models but they rarely make it out of the house. Pretty cool so much can be packed into that platform but generally not worth the weight/space for backpack or pocket. Over the years I found what I use the most are the toothpick, main blade, cork screw (surprisingly often given my infrequent personal wine consumption), both screw drivers, and the saw when hiking. The Camper and similar models like the Farmer and Pioneer IIRC hit the sweet spot for my uses. Camper in my left pocket and the Para 2 clipped to my right pocket covers 99% of everyday needs.
I went through a similar reduction with Leathermans. Originally bought the Super Tool, then the Wave, but a few years ago realized I never used half of the tools, and especially not the driver attachments. I tried the Juice and some other small model but the tiny pliers are minimally useful, and THAT is one of the big uses for a multi-tool. So the Sidekick became the optimal combination of reduced weight but still a collection of most used full size tools. I carry the Sidekick on my belt at work.
For my long day hike next week I'm going to try carrying my new Fallkniven S1 (5"). I resisted getting an expensive fixed blade but finally caved into getting a Fallkniven (go ahead and laugh because I've spent plenty on folders but could not imagine spending $150+ on a sheath knife. Probably should be the other way around). Man, what a beautiful knife. The blade is thick yet handles very well, light years better than those 1/4" thick 1095 choppers. It came with a very sharp edge and responds easily to a bench stone and hone, unlike some of the super steels in a folder I have (M390). The handle is on the short/thin side, but the blade is so great I'll over look that. I wasn't planning on carry this large of knife for hiking but it actually rides better on my belt than some of my 4" knives. The main reason for taking it hiking is that here in the PNW many of the trails are not maintained frequently and often the rapid growth of vegetation means sections of trails can be crowded with blackberry vines, or even obscured by other undergrowth. The weight of the S1 blade is enough to make hacking small branches and vines very easy compared to a lighter knife like the Moraknivs or even Bucks. The forward balance makes it feel like a better hacker than even the larger Ka-Bar which is really too big for day hikes. So it feels light on the belt, handles very adroitly, yet have nice blade weight for hacking branches. I've never used a knife for batonning wood but the S1 should easily be able to take that beating and be thick enough to help split the wood. The blade feels indestructible (unless you baton with a rock like a YouTube idiot).
Plan to hike with my SAK Camper, Para 2, and Fallkniven S1. Don't need the Para 2 for this hike, but since it is also new thought I would take it into the woods to try some lunch time whittling, etc.