The coated multitools seem to offer better corrosion resistance, I have had a Gerber on a tool belt in the marine environment for about 5 or 6 years along with a Victory serrated diving knife and a yachting type pocket knife and shackle breaker. The pocket knife/shackle breaker has aluminium scales and it's nearly fooked - white fuzz has consumed most of the ali on it.
The Victory is a little corroded and showing it's age - the Gerber (a MP600 type needle nose) is by far the best looking of the three tools. I did coat it with a wax product when I got it (along with everything else) and it seems to have been good for the Gerber but crap for the shackle tool.
That looks like a fairly early type Leatherman, not sure that that means anything but the Leatherman ones I have (Blast -now retired and the Raptor). They seem to not have a problem with corrosion either, but the good thing with Leatherman tools is they are fairly easy to pull apart and clean. The Swiss tools are not able to be stripped down so that is one thing.
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