DuaneWeikumThat's better in my opinion.
I've got no idea as to why Leatherman charges more for the molle sheath than it charges for the leather one. The molle itself is nice but the Velcro wears after a few months and makes the sheath impossible to close. A leather sheath with a metal button makes a far better choice.
Num2I think the idea is that the molle sheaths are better for, well, attaching it to molle gear. Being bags or on backpack straps, or whatever gear you have.