Canoeing I don't worry too much about an extra five pounds or so, backpacking, yes indeed I do, so I've got a range of multitools.
I stick to Leatherman; the smallest effective pair of pliers is my real criteria, and generally a Juice (4oz) or Squirt (<2oz) gives me a useable (if not comfortable) pair of pliers. Most of the multitool components are redundant. I've always got an SAK with scissors, I've generally got a saw/hatchet and camp knife; the only reason I'm carrying the m/t for is the pliers. For bad or arthritic hands, a full-size Charge is 8oz.
The Vic swisstools are better-engineered, better looking, with better individual tools, but no one-hand operation plus an outer surface that gets very slick when dirty or sweaty rules them out for me. IIRC they're also roughly 8oz.
The Leatherman Charge I carry every day has one indispensable tool that I've never seen on another multitool - an eyeglass screwdriver.
For belt-carry, Skinth makes the best aftermarket sheaths I've ever seen.
edit - some swisstools come with a ratchet - if you're carrying a ratchet anyway, that may be significant way to save weight.