The basic Switchblade is, I'm afraid, the lamest weapon in the core set. It's got a couple of nice features; being fast saves an action, and it's low cost makes it feasible to play in a hurry. Sadly, though, it doesn't offer much. A strength bonus is a big part of the reason for playing a weapon - and this offers none. The damage bonus is nice - but how are you going to manage consistent successes by +2? Weak enemies with high-health are pretty rare. Honestly, you're not going to make that +2 often; and so it is a bit of a waste, unless you can find some strange combination in the future. It doesn't even offer decent skill icons.
However, it's major redeeming feature is it's upgraded version - the Switchblade - which is worth a look.