Both Park and Topeak make nice tools and some include a chain tool. The last thing that you need is a tool that will damage your fasteners or fail when your are broken down. I would stay away from any bargain tools. A good multi tool is a long term investment and not all that expensive.
I used to carry a 'Leatherman" type, worst piece of kit I ever had on my side snagging everything not to mention the "blood blisters" when I pinched my fingers trying to use the ridiculous pliers. What you can do is take a long look at what you use almost daily and start subtracting, if you have a hub drive you can almost always make it home when you have derailer trouble or break a chain, the little CO2 inflators do not take up much room and the other very stowable multi wrenches or keys are a good bet probably the most important thing would be a 2 way communication device.
Damn... why didn't I think of that? I use that stuff for everything else!
It’s handy. I was on a 450 mile tour and I had a Schwalbe Marathon Plus tire’s bead start tearing from the tire casing. Luckily I noticed that the tube started sticking out of the tire. I put one piece of tape inside the tire lengthwise covering the tear. And 2 pieces running from bead to bead across the inside of the tire. The tire worked like brand new. Not even a bump when that are hit the ground while riding either. A couple months later the other tire started doing the same thing. I guess it’s not a good idea to run tires at their max stated pressure. After that I run everything 10% under the max pressure rating.
I used to carry a multi tool. But I later switched to carrying separate Allen wrenches and small combination wrenches. They really don’t take up more room than a multitool and separate wrenches are much easier to use. The only good thing that the multitool had was a mini chain pin press tool. But there are some pretty compact chain tools out there now. I used to carry my tools in a travel toothbrush zip up pouch but then I went to a clamshell water bottle style pouch which I carry in a truck bag. Link
I use a folding allen wrench set mainly because it comes with a belt pouch that I can strap to my frame with velcro. And it has pretty much every size i need for my bike, and doesn't need to take up room in my bag or pockets. It's just there strapped to the bike frame.
