I saw the Buck Newt knife at the REI outlet for $7.83. The weight is 0.8oz rather than the 8oz listed. It's a basic small blade and scissors.

http://www.rei.com/outlet/product/48000087.htm

It would appear that the casing for the blade+scissors is much larger/bulkier than is needed. The casing is probably the bulk of the weight. I wonder what just the blade weighs. A blade of that size in a case using minimal materials(minus the scissors) would be knife heaven. Has anyone else tried the swiss card(pocket knife shaped like a credit card). I usually prefer to hike with just the knife from the card in a DIY sheath. Makes for the lightest weight knife I have ever used and still more than enough for most applications(cutting cord/summer sausage/etc...).

On the rare occasions that I need a blade in the backcountry I find a high quality 1.5' blade does the job. At .4oz the Gerber Microlite LST Locking Blade Knife ($10) is the lightest tool of this type that I know of.
<http://www.rockynational.com/details.aspx?i=1107>

I picked it up at REI last night and you are so very right. The blade is puny and the central part of the case is far heavier than needed. A Swiss Army Classic model would be a better tool (to make a close to "apples and apples" comparison). I'm not going to cry about it-- it will make a decent key-chain knife.