I'm a big fan of do-it-all type items. Jack of all trades, as it were. Why? Because I'm a broke writer and if I'm going to buy something, I'd rather it do a host of things, rather than just one. Also, when you get an item that's actually good at being a do-it-all, they tend to be stupidly good, not just regular good. Take for instance, my penchant for having a good knife in my pocket.
But there are limits to that, and limits to what makes a good jack-of-all-trades idea within gear. So when it comes to gear that's meant to keep you safe, I, personally, tend to look more critically at these items.