Why is the knife considered "Better"?

I don't have enough coupons to get a permanent axe, So I have to use the knife in ghost mode and, I just don't get how ANYONE could think that it's better than the axe or shovel. I understand that you'd have to be "Pro" To unlock its full potential, but I can't see ANY reason why this would be worth bringing into a serious match.

The knife's only 1 hit kill is a right-click to the head, I've heard that the chest and back is also a 1 hit, But I've never seen it happen. I cannot see any difference in speed of walking when running side by side with someone with an axe, The right click is slightly faster faster than the axe or shovel, but not by much.

So tell me, why is the knife considered "Better"?
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