The "Saber Point" blade is a clip point blade that was included on PST's from the Late 1980's until 1995, and on SuperTools in 1995. The PST blade is 2 3/4" (67mm) long, while the SuperTool version measures 3" (75mm).
The saber blade has a more "pointy" profile than the later clip point version. That makes it better for piercing and fine work. However, it is also more fragile, and less useful for skinning or slicing. It's also more dangerous to use than the standard clip point blade, since it penetrates more deeply if you accidentally stab yourself (or something else) with the point.
This tool is manufactured from an extremely hard form of stainless steel, so it holds an edge for a long time, and can be easily re-sharpened.
The saber point blade can corrode if exposed to strong acids, or if it is used in a salty environment for long periods of time. However, like all of the other Leatherman implements, in normal use it is resistant to corrosion.