Hey Steve, I thought that one was okay for the money. Definitely needed some work with a file or Dremel for what I use them for. I definitely think that different tips are better for different applications. Dragging around and lining up 4' pulp wood is different than trying to stick and pick up a round of oak.
Honestly though, compared to the logrite 30" that is my favorite, the L&M didn't seem worth the effort. The quality seemed pretty good, but the design wasn't that great. Like I mentioned, the tip needed a fair amount of material removed, at least to be used in hardwoods like I work with. Also, the grip (glued on tiny rocks) on handle was nice but the handle itself was too thick. If I was gonna use it much, I'd use a spokeshave or something to thin it down to a more comfortable size.
Really, I think the logrite is where it's at. All metal, really really good design, made in the USA, no hassle warranty (I can personally vouch for the warranty), feels great in the hand, lightweight, hard to lose in the woods because of the color, and most importantly it works really well.