I own many, many knives. However, of all the knives I own, there are maybe 2 or 3 that I would call "a steal" for the price. Sure, you can pay $100 for a knife, and you will (hopefully) get something with a great quality build, lasting construction, and a fancy blade steel. But it is truly rare to find a knife that should be $80 (by my estimation) selling for $24.
Compared side by side with much more expensive knives (Spyderco Delica FFG, e.g.) this knife tows its own. First, it's built like a tank. It has a stout blade with a working tip that you do not have to worry about breaking. The blade itself is heavy and stout, and does a great job slicing. Furthermore, it has thick steel liners throughout, which really makes this knife the most heavy duty folding knife I own. There is absolutley no blade play at all since there is thick metal post around which the blade rotates. There is just no tolerance for blade play. The liner lock is rock solid, and I trust it as I would any lockback (or even more so since there is little chance of you squeezing down on the liner to release it by mistake).
The blade steel is perfectly adequate, and it is meant to be USED. It holds an adequately sharp edge for the nature of work this knife is meant to accomplish. Incidentally, this work could very easily include self defense while walking through a bad neighborhood (and yes, this is NYC legal for all my fellow law abiding NY knife nuts).
Out of the box, the pivot is a bit stiff. However, once you get your hand positioned properly, and once the enzymes begin to flow after repeated opening, this thing flies out like it hates being kept shut! At the same time, it retains in handle well; I have had no unwanted opening incidents.
(Opening Tip: To facilitate opening, you can take a round file and cut away some of the handle material near the thumb stud. I did, and it is super comfortable and it opens even faster than before.)
Really, my only gripe with the RAT 1 is the handle scales are literally pieces of mildly textured toy store plastic. They are just a bit slick, though RAT did make some attempt to texture them. I would gladly drop $50 on a G10 model, but so far, RAT has showed no signs of producing different flavors. In reality, the handle is really not something I think about much when I use the knife. What I usually do think about is how I paid $24 for a fantastic knife that I can abuse without taking out insurance, and I often wonder how Spyderco can in good conscience charge $60 for a knife that is about the same quality as the RAT 1.
Synthesis: Absolutely get this knife.