The sharp curve between the points can and will dull...and one or both points may break off (catching in fabric, falling, or some such thing). I have probably five of them around the sewing room (some sewing machines come with a small one in the "kit") and one wooden one with a ripper at one end and an awl at the other...I hate having to LOOK for a tool when I need it & I have several machines...serger, cover stitch, vintage sewing machine, quilt machine (wider work area), and an embroidery machine...or two...or three. I can't get rid of the present from DH! Even if the newer ones are the ones that I use the most (has to do with the stitches & the size of the hoops).
It's our 45th anniversary today - so keeping the embroidery machine that was a present five or six years ago is still important to me. Now, if I have to downsize because we move in a few years, I will admit that it is probably going to be the first one on the "sell or donate" table. Depending on how much downsizing has to be done...it won't be the last...but after a couple of machines, it gets harder to pick on NOT to keep.