Anyone ever had Airport security take a Swiss Army Knife?

In Rudi's thread on his recent visit "Down Under" I mentioned Rudi's kind gift to me of a neato Swiss Army knife type deal that looks just like a credit card:

http://www.flyertalk.com/forum/Forum81/HTML/001489.html

Point was raised by AN-Diamond that me carrying it on a plane here might be problematical. That led me to wonder why the original Swiss Army Knife I had 'confiscated' by Lan Chile in December was not detected and 'confiscated' more often. In about 1000 flights this was the SECOND time anyone ever noticed it.

Any others travel with similar things, and had hassles at airport security X Rays with them?

WHAT do those X Ray machines really acheive I often wonder, other than make us often run late for flights and add to the "security" cost element to our tickets?

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~ Glen ~