It's almost embarrassing to admit that my favourite knife is a $0.99 paring knife from the grocery store, but after careful consideration, it won out over all of the others (and there are MANY others) in my knife block.
For one thing, it's hella sharp, but when it comes down to why I love it so much, I guess it's because it is so darn handy. That little blade can get into the tightest spots...and you should see what it can do to a mango. Plus, for less than a buck, I can use it fearlessly. If I break the handle or chip the blade, I can just pick up a couple more on my next shopping trip.