I've had the Rhino for about a month now, and am very happy with it. It has largely displaced my previous favorite sub-2.5" knife, the Meerkat, as well as the two previous runners-up, the Dragonfly and the L'il Lum. That's no slur on the Meerkat -- I'm still awaiting the VToku sprint version -- but I prefer the larger blade and larger handle of the Rhino ... and it's also more visually appealing. The orange Meerkat has always been one of those "so ugly it's kind of cute" things for me, while the Rhino requires no such excuse.
- Both knives have smooth action; this is a marked contrast to my Dragonfly, which still feels stiff and heavy after eight months of use.
- The Phantom lock is slightly easier for me to one-hand than the Rhino's compression lock, but the difference isn't huge, and the compression lock has a more secure feel to it. I've never had the Meerkat's lock fail on me, but my subjective impression is that of the two it's less solid. Both are leagues ahead of the Dragonfly when it comes to one-hand closing.
- In use both knives feel secure in the hand, more thanks to the handle shape than anything else. The Rhino is less aggressively finger-grooved than the Meerkat, but it doesn't seem to affect how well I can keep hold of it. Neither one is as good as the Dragonfly on this score, but both are a big improvement on the Lum. I wouldn't say no to a little subtle jimping right above the pivot to keep my thumb in place, but its absence is not a deal killer.
- The Meerkat has one of the best factory carry setups I've seen on a Spyderco, and the Rhino isn't that good. It's not bad, it just doesn't vanish into your pocket in the same way. It's no worse than the Dragonfly or the Lum, it's just not a great choice if you need to be really, really discreet. I'd like to see whether deleting the lanyard tube and moving the clip up to reuse one of the frame screws would compromise in-hand ergonomics.
- It's not as good a slicer as the Lum's paper-thin blade. Probably on a par with the Dragonfly and an improvement on the Meerkat, although it's hard to compare the two since the Rhino's blade is significantly larger.
In the "are you seriously being this picky" department, I don't like the way the integral fingerguard on the blade keeps poking me in the index finger when I close the knife. But this is a mild peeve at worst.
Overall this is an excellent knife. If you prefer smaller knives or are not able to carry larger ones due to local laws or workplace regulations, it's definitely worth a look. It's already moved ahead of the Meerkat in my wishlist of knives to get a Nishijin sprint run, and I think that the handle shape is sufficiently aggressive that the slippery texture wouldn't notably compromise its utility in the same way it does with the Lum.
My One-Eyed Jack is supposed to show up today (much belatedly -- to give you an idea, I bought it with the CampSaver coupon!) so we'll see if the Rhino can retain its throne. But I'm inclined to agree with Michael that the two aren't really directly comparable, so it'll be more a case of whether the Jack's aesthetic appeal can overcome the Rhino's more practical design, rather than the two competing on the same areas.