With the high heat index, 105 degrees here today, I always have my little LCP in my pocket. When going to town, most of the time I will carry either an XD45 compact or a compact 1911 in .45 as my main carry. I also always keep a full size .45 in the truck for good measure.
I guess my biggest problem CCW is that the only places that I WOULD think necessary for me to carry are the places that not allowed;
Federal government facilities, schools, airports, VA, court house, etc. where you are exposed to those types of people you would not normally associate with.
The other is I play in several country bands, most venues are 51%......those are the places I would feel much safer carrying, especially when breaking down at 2:00 in the morning. Hence, the .45 always in the truck....still it's not on you. That's where a bug, at least in my case, is useful. Once the bar is shut down, go to the truck, put your bug in your pocket and start packing out. Carrying a full size while hauling equipment is a pain, at least for me trying to keep my pants on.
Another is around the house working or in the sailboat or in the ski boat with minimal clothing, the little LCP in the pocket is much easier to cope with.....at least I have something defensive. I'm not sure I'd consider "belting up", carrying one of the .45's dragging the kids tubing. As far as knives, I would consider myself a danger to myself if I tried to use one in self defense.
The answer will be mainly determined by your lifestyle and situational exposure. Not sure there is a right answer.