Agreed. For similar reasons I also carry my phone in an horizontal belt pouch, that way I'm less likely to put it down or have it fall out of a pocket. It's also reasonably well protected there (I normally put it in there with the glass towards me).
I think you can go too far though with all the extra / addon bits you can get with some of these tools nowdays etc. [1]
When I worked for Kodak as a (walking) Field Tech they gave us a very well appointed tool case and when we wandered (struggled) into to work from the training school for the first time to start work, the 'old boys' reminisced and chuckled about what we were all carrying. Slowly but surely we all started to leave tools in our lockers and also all bought smaller tool-cases ... until we had refined them down to just the 'must have' stuff. That is where I think I am with the Leatherman PST II and why I bought a second hand replacement as that tool is no longer available new.
Another 'gotcha' is although you can often find a multitool that has all that is required, they often come with locking blades and that makes it very difficult for 'everyday carry'. ;-(
Cheers, T i m
[1] And even if it does come with say some hex bits, unlike screwdriver bits you really do need the *exact* right one and the chances are that isn't a size carried in the set. ;-(