Cold Steel Spikes are "cool" in looks and as long as they are under $18, they are a decent little novelty item. They are no better or worse than an ice pick. The steel is soft. They used some pretty steel, so the edge is not going to be hardened. I saw some prices at $32, and I say those prices are rip off for the product. Even $18 is a little high.
I own the original talon style, tanto, and the recent Tokyo Spike. More notching and beveling, and they are pretty. The grip is useless. The black string is barely any traction. Having said all that, I own them because I like them as letter openers, cardboard and tape slicers, and better-than-nothing sticking tool if a real knife is not around.
Now, for the same $20 range, the 1055 steel thrower is an awesome product for the price. That is so much more of a real knife with paracord, where one can throw, and cut, and slice, and jam and wedge, if needed. More knife for the money.
If you want a pretty shank or shiv, that is all the Spike series are for. Nice enough plastic edge sheath. For $8-$10, at half the price, the cheap Sawmill Cutlery SM15 file-turned-to-knife can do a better job, at twice the thickness, and much better wooden grip. Hey, do not let the Pakistan marking fool you. IT is a better shiv than the Cold Steel Spike.