This is something I've been thinking about lately.
It seems to me that the benefits of a pointed tip may outweigh the possible disadvantages....
1) I have heard and read about some divers having stuck BC inflate valves, resulting in uncontrolled ascent on a ballistic scale (with potentially lethal consequences). In such an emergency, it seems to me that the fastest dump valve is about a 12" gash in my air bladder. I'm not aware of any agency teaching this, just pure speculation on my part. I'm not too keen on destroying an expensive piece of equipment...but it sure beats rocketing to the surface (and beyond) from 80 ft. like a Trident missile from a sub. My Gerber River Shorty w/ dull tip wouldn't be able to pierce the cordura material.
2) "But you can pry with a dull tip..." Yes, and I can pry with a sharply pointed blade, too. If the tip should break...oh, well, now I have a blunt tip.
3) "you can use a dull tip as a screwdriver" Perhaps...but I prefer to use a screwdriver, especially when adjusting screws on expensive gear. No, I don't carry a screwdriver on dives...but is there really a need turn screws underwater?
4) "you might stab yourself/pierce your suit while resheathing, especially when already task-loaded and adrenalized" Perhaps...but honestly it seems unlikely. If you're resheathing your knife, you've probably already dealt with the entanglement problem. You can afford to take a second and do it carefully...and if you can't handle a sharp knife, perhaps you shouldn't be diving in the first place...
NOTICE: this is all predicated on the fact that I am carrying 2 or more cutting tools...one of which is a pair of EMT shears. If the entanglement hazard is such that piercing the suit is a likely problem, chances are the shears would be a better option than a blunt-tipped knife anyway.
What are your thoughts on this?