Here's an interesting concept (that may actually see production) by Ideacious, which is kind of a Canadian cross between Quirky and Kickstarter: Industrial designer and Ideacious CEO Joshua Brasse's InCOG Biketool. The cycle-targeted multitool is "designed to fit the majority of handlebars," and the entire thing bends like a snake so it can be shoved past the bend that occurs after the handle.
Standard driver bits of your choosing can be tucked into each section, allowing you to customize the tool as needed. There's also a tire repair kit that fits into the other handle, and both kits are meant to lock into place by means of a proprietary driver to prevent thievery.
The InCOG retails for $60 and is currently in its pre-order stage.