I used Channellock Linemen's Plier for years for cutting bike cable, worked pretty good.

Then one day a super deal came along on a Park CN-10, and I bought it. It's a great cutter - cuts super clean, not a single wire out of place. Not all Park products are great (or even good), but some are - this is one of them.

As multitools go, here's one that's OK for the price ($6-8). It's small, lightweight and doesn't try to do everything so it can't fail miserably:

http://www.parktool.com/product/multi-tool-mt-1