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I actually just picked one of these up last week, my first Buck 110. It's not the best knife I've ever owned (Kershaw Leek is my favorite, small but razor sharp and not very expensive), or the sharpest out of the box, but it is definitely sharp enough to use right away and half as much money as some knives I've bought that were only equal in quality. I love the handle and weight, comes with a decent leather case. It is starting to show minor surface rust on the blade already, after only a week of owning it and one camping trip, but I do keep it in my pants pocket and didn't wipe it down after the camping trip so it's quite my fault.
Get one, it's definitely not a waste of money even if there are better knives.