In the unending quest for the perfect hiking knife, I found this candidate ;) Wenger, the "other" Swiss Army Knife manufacturer makes several medium sized 3.5" models with a locking main blade, which is a feature I prefer. I also like to have scissors, saw, awl, can opener, tweezers and toothpick. This tool selection covers repairs, personal grooming and basic survival techniques for fire building, shelter making, food gathering and improvising.
Victorinox makes the Farmer, Hiker and Fieldmaster models that come close, but some miss out on scissors and none have locking blades. In fact, the only Victorinox models with locking blades are the 111mm models like the Trekker and others, with an increase in bulk and weight.
The Wenger S18 has the following tool list:
2.5" Locking Blade
2.75" Double-cut wood saw
2.4" Springless scissors with serrated self-sharpening design
Large flat screwdriver
Phillips head screwdriver
It all comes in a 3.2oz package. Cost was $29.50 US plus shipping from SwissOutpost.com.
It is a 4-layer design, making for a fat little knife, but it is comfortable in the hand with the ergonomic grips. I wouldn't want anything thicker. The weight puts it in the same ballpark with many other multi-blade knives, lighter multi-tools, and stouter 3.5" folding knives.