The main reason they're called First Ascent is bc Jim Whittaker was the first American to summit Everest using Eddie Bauer gear, among other expeditions EB was involved in.
I have the big tahoma pack, downlight sweater, and some base layer items. It's all really nice quality. I really like the pack, IMO it's MH or Gregorie quality, but streamlined. Their "everything you need, nothing you don't" slogan is something I think is needed. So much gear has all this extra BS that realistically does nothing.
I think the main focus of their stuff is peak type climbing, hence RMI using it. Don't get me wrong, MH,OR, all that is great, but Viesters, Hahn, and others are reputable, and the current line is the first production run. Any bugs should be worked out with time.
About the "belay knife," I would definately use a Benchmade or SOG or something else.