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Title: Not the same as it used to be...
Review: Leatherman has apparently changed the design of the deluxe Wave sheath recently. The older ones are as pictured in the Amazon pic above, with nice quality, finished leather and the word "WAVE" horizontally across the flap.The new ones are much cheaper feeling, and appear to be oil tanned instead of finished top grain. They simply have "Leatherman" diagonally across the front. Not as nice a sheath on any level. Still, they're a good 25% narrower than the nylon version, and Amazon has them priced right.
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