The Milwaukee FASTBACK Folding Utility Knife with Blade Storage, 48-22-1502, is the better broad pick because it concentrates on the things a folding utility knife needs to do repeatedly. Milwaukee lists press-and-flip one-handed opening, tool-free blade changes, five-blade onboard storage, a wire stripper, an integrated gut hook, a durable wire belt clip, and a blade holder designed for scoring. At a published 6.87 inches long and 0.28 pound, it is the compact, task-first option for opening packages, trimming material, and keeping replacement blades where the work happens.
The Milwaukee FASTBACK 6-in-1, 48-22-1505, has a real advantage if your knife is also your small repair tool. Milwaukee adds a folding screwdriver, a fold-out quarter-inch bit holder, a reversible Phillips number 2 and slotted quarter-inch bit, a bottle opener, one spare-blade space, and the same wire-stripper and tool-free blade-change ideas. That makes sense for punch-list work, maintenance bags, or a vehicle kit. But Milwaukee lists it at 8.75 by 2 by 1 inches and 1 pound, so the added functionality comes with a visibly larger carry.
This is not a judgment about which product is tougher or safer in a particular job. It is a decision about carry efficiency and workflow. Most shoppers looking for a dedicated folding utility knife will use spare-blade capacity and compact dimensions more often than a folding screwdriver. Choose the 6-in-1 when its included functions remove a separate driver from your routine.