The first thing to realize is that a dive knife is generally used as tool, not a weapon. In most cases the primary purpose for carrying a cutting tool is to free yourself or (more likely) your buddy from an entanglement.
A traditional knife is just one choice for a cutting tool. A knife has some attractive features in that a proper selection can be used as a prying tool and to saw through line (e.g. anchor line) too thick to cut.
A knife also has some disadvantages, the most obvious one is that it is easy to cut yourself or someone else, either when trying to use it or when putting it away. I like a blunt tip becuase it can be used as a prying tool and seems to be less likely to punch a hole in my gear when I'm stowing the blade.
With all that in mind, I tell my students that if they elect to carry a knife they should get a relativly small one (4 to 6 inch blade), made of titanium, with a blunt tip. I personally practice what I teach (although most of the time I carry a cutting tool other than a traditional knife).
Of course, reasonable people can disagree - there is a big market for huge, pointy-tipped, "stainless" steel blades so someone must be buying them. For example, underwater hunters have specialized needs.
I'm sure a bunch of folks are going to tell you that pointy tips are the way to go, titanium is too expensive, and any knife worth carrying has at least a 12" blade. At the end of the day it's your $$ (or, in this case you Dad's $$) so get what makes you happy. You'll probably use this piece of dive gear less than anything else you take into water.