There are a few basic concepts:
1. Big-Ass leg knives.
Strapped to your calf, they look great if you want to imagine yourself as the frogman hero of a 1960's action flick. Typically 6-12" blade.
Benefits: Can be used for prying stuff, like 'treasure chests'. Attractive to the opposite sex.
Drawbacks: Hard to reach, cumbersome.
2. Small, sharp BCD knives.
Secured to your BCD, they cut lines, webbing, hoses, seaweed etc. Need to be kept sharp in order to be useful. Typically <4" blade
Benefits: Easier to access with either hand, convenient to use,
Drawbacks: You can hurt yourself.
3. Razor Cutters.
Secured to your BCD or computer wrist strap. Very sharp and slice easily through loose lines without needing tension on the line. Can easily cut webbing, wetsuits etc. Small and easily carried.
Benefits: The easiest to access, extremely sharp, don't require tension on the object cut.
Drawbacks: Rust easily without care (replaceable razor blades)
4. Medical Shears.
Live in your BCD or leg pocket. Able to cut through wire trace fishing lines, electrical wiring etc.
Benefits: Cuts stuff that knives won't
Drawbacks: Bulky in your pocket, not easy access.
Then we have materials:
1. Stainless Steel.
Needs a little maintance, as they can still rust. Easier to sharpen, but dulls after time. Less brittle.
2. Titanium.
Expensive, but will never rust. Keeps an edge, but harder to sharpen. Can be brittle.
3. Non-Stainless Steel
Will become an orange blob after a short while. Cheap.