It's weak compared to modern steel alloys, but in it's day it was far superior to anything else. While I love the look of the Damascus blades ( I have several), the pens not so much. Maybe it's the way they were photographed, but looking at the link, they looked like plastic novelties from 1950s Japan. I'm pretty sure they probably look much better in person.
I would commit some extremely large sins for the Bat Knife.