Just as I expected, I started a poo-storm with my comment.
With a few exceptions, everyone seems to favor an Axe... but I'm not convinced yet.
Everyone's primary argument seems to be they are the best tool (excluding a Chainsaw) for doing firewood collection. Second would be for clearing trail obstructions. Third would be that they double as a hammer. Fourth would be for dispatching Zombies.
As for firewood, I think I addressed that on page 1... For me and where I frequently travel, I don't spend much time collecting/splitting large amounts of wood in camp. I don't even think I have ever broke out the hatchet here. For clearing trail obstructions; yes an axe is slightly more versatile than a bow saw. As a hammer, I can't use it to pound out the TRE on my pitman arm (or other tight location) so I carry a hammer anyway. While handy, I don't think this eliminates the need for a hammer in the toolkit. As for Zombies, I can honestly say this is where I would use my axe the most.
To be honest, I came into this question thinking that most everyone who carried an axe did it for the "look at me" factor. I think my position has changed slightly... I'm not going to go out and buy and axe and strap it to my truck this weekend. But if I found one on sale - i might be inclined to buy it for those cases where I would expect to do a bit of firewood collection (and for the Zombies of course).
I guess in the end, I am still not seeing an axe as mandatory overland kit. Whereas a shovel, jack (hi-lift or otherwise), spare tire, plug kit, air compressor, etc, etc, certainly are farther up on my list.
-JM