A knife bundled with a lottery ticket is a marketing device, not a product feature, and WE Knife's Sine Wave Mystery Box is exactly that: a $415 titanium frame lock with a random second knife thrown in, with published odds.
The knife itself first. WE23069B-3 MB, 8.84 inches overall, 3.98-inch Bohler M390 drop point at 0.16 inch stock, 58-60 HRC, flat grind, polished gray finish, 6AL4V titanium handle with a polished gray and gold finish, nested liner lock, caged ceramic ball bearings, tip-up right-hand titanium clip, 4.96 ounces. Handle thickness is 0.52 inches and overall height including the clip is 0.67 inches, which is a substantial slab of titanium in the pocket.
M390 at 0.16 inch is a heavy-use configuration. The steel is the standard high-vanadium stainless that Bohler sells to everyone from Microtech to LionSteel: excellent edge retention, good corrosion resistance, and a reputation for being chippy at high hardness on thin edges. At 0.16 inches of stock and 58-60 HRC, this blade is thick enough behind the edge to avoid the chipping problem as long as you are not prying with it. It will not slice like a 0.10-inch blade, and it is not trying to.
The mystery component: WE includes one free WE or CIVIVI model with stated probabilities, ranging from a 5% chance at a WE model upward through the tiers of CIVIVI options. That is a real cost inside the price — you are effectively paying a few dozen dollars for a random knife you did not choose. If you value the second knife at its street price, the box is decent value when you draw high and poor value when you draw low. If you would not have bought the second knife at all, you have paid a premium for cardboard.
Compared with WE's own Temper at $370, you get a slightly shorter blade, a simpler lock and the lottery. Compared with the NexoMorph at $540, the Sine Wave is the conventional knife and the cheaper one. Against a $415 Chris Reeve or a $400 Spyderco Sprint, the WE gives you M390 and titanium at a price where those brands give you S35VN or S45VN in G10.
Verdict: buy it if you already wanted a 4-inch M390 titanium WE and the extra knife is a bonus. Do not buy it because of the mystery, because the expected value of a random knife is always lower than a knife you picked yourself.
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