I was hesitant to order the knife based on some critical reviews here. But I still went ahead and placed an order via BladeHQ. Fortunately, the knife did not have some of the most crucial manufacturing defects reported by other reviewers.
Out of the box the knife was shorter and heftier than anticipated. The blade had even grind but not sharp enough to seamlessly cut paper. The lanyard hole is indeed misaligned (and is not presented on the product photo here). The handle does feel on a slimmer side but is comfortable comfortable to grip.
Now to the sheath. Overall, I liked the compact size and how it secures the blade tightly, no rattle whatsoever. Push to release button works nice. The belt loops seemed to be a dealbreaker for folks and I can see why: two belt loops: 1 ½ and 1 ¼ tall each and ⅛ thick belts.
Conclusion: decent backpacking knife, not the highest level of craftsmanship but a good deal for a MagnaCut blade.