Yep..3.5" blade in sheath on waste belt of my pack. I hate having anything in my primary pockets. So any other knife I have (Havalon, skinning kife,) are in my pack decently buried. I just take the buckle off and run the webbing strap of my waist belt back enough...run it through the sheath loop, then reassemble the waist belt.
I just like having a fix blade handy immediately instead of having to fumble through my pack and rely on a folder. Also, mentally it probably stems from guiding on horse back and having a knife always on hand for wrecks...same reason my first aid kit is on my waist belt also. For the rare time you or someone around you needs it...it is right there. No digging b.s. or trying to explain to someone else where it is.