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Para 3: It's exactly what I expected. That's not a bad thing, but I didn't expect it to knock me off my feet, and it didn't. It's a smaller Para Military 2, and it's really good. I expect Spyderco to sell a giant pile of these.
The interesting comparison for me for this knife is with the Sage 5. They are very similar, and I personally was holding off on a Sage 5 to make sure I didn't prefer the Para 3 instead.
Para 3: larger and slightly more accessible SpyderHole, larger lanyard hole, 4-way clip, more secure grip due to more pronounced thumb ramp and the rear hook on the handle. American manufacturing, if that matters to you.
Sage 5: thinner profile (lower hump), wire clip, more elegant design (in my opinion), slightly thinner and lighter handle, thinner blade stock, .01in more cutting edge.
Personally, I'd love to have a Para 3, and I expect I'll get one eventually. But for me, coming down to the details, I prefer the wire clip and the CF laminate, and the leafier blade shape, so I'll probably grab a Sage 5 first. That's no knock on the Para 3, but a personal preference. Otherwise this is a fantastic knife.
Untitled by dplafoll, on Flickr
Untitled by dplafoll, on FlickrEfficient: Now this guy was actually more exciting, because I wasn't sure what to expect. Looking at it in the catalog, my brain thought it was smaller than it is. But it's actually a good size, comparable to a Native 5. The blade shape is very, very similar. The feel in the hand is alike as well, with the liner lock cutout acting very similarly to the Native's finger groove. But, with the rounded shape towards the rear, it also feels like the Ouroboros or the Junior. Compared to the Native, it's a 2-way clip, a much lesser steel, and Chinese manufacturing. But it's half the price and feels great, and I think they'll sell a bunch of these as well. I know I'm certainly going to buy one. At that price, it's a no-brainer for a beater/backup knife for a collector, and likely a very good EDC in general, especially if you want a knife with a steel that gets pretty sharp and sharpens very easily. I do wish they'd added like $10 and gone with CTS BD-1, but I'll be ok.
It's a very excellent addition slotting in between the Tenacious and Persistence, but with (to me) vastly superior ergonomics via the finger choil and a better handle; personally, I also prefer the cutout and no-jimping lockbar on the Efficient. If someone asks me to recommend a starter Spyderco for around $50, I'll point them to this or the base Dragonfly 2, depending on their preference in size. It will be an interesting comparison between the Polestar and Tenacious and if BD-1 is worth the extra money.
Untitled by dplafoll, on Flickr
Untitled by dplafoll, on Flickr