I don't really like the design of this knife for a survival blade. For the price, you can't complain, but I would suggest the Schrade's SCHF37 Frontier knife; it's about the same price, longer blade, coated 1095 steel, no-serrations, and better sheath.
For $30, you get a lot knife with SCHF31S, but Schrade has better offerings for about the same price.
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I agree with you on this matter. As a survival knife, it has multiple areas where much is left to be desired. As far as would I carry this on me, that would depend on the state I was in. Some states are lenient on fixed blade carry, others are draconian about it. A bit ironic considering CCW permits for handguns do not bat too many eyes, but bloody murder is screamed if you use said permit to carry a Bowie on you. So with survival knives of no more than five inches, such as this one here, they are usually the best you can go for in open carry to avoid getting in trouble with officers, again depending on your state.