• They only occupy your melee slot
  • Only 5000 points to PaP, then 1000 for ammo
  • Revive from range and without having to stand still

Outside of the microscopic range of cases where you need a decent melee weapon for a camo or quest, there's no reason to run anything else. If you're having trouble hitting downed teammates you should know that the knife needs to lands beneath them to initiate a revive. If you aim directly at them the knife lands further away and it doesn't start the revive. I suppose it requires bad teammates to be useful, that's the only caveat.