Ever since I received my first pair, a small set of pin nosed pliers has been like an extension to my arm when model making. When they vanished from the back of the car, along with the rest of my toolbox, they were one of the first items to be replaced. The current ones are at least 15 years old and still going strong.
Ideal for gripping items being worked on and thus keeping delicate fingers out of harms way, mine never go in the box being a permanent resident on the workbench.
Obviously the wire cutters become useless very quickly for snipping wire but they can still excert useful pressure on tubes and anything needing crimping such as electrical connectors. The ends are still pretty good and meet up with only the tiniest of gaps. Small pliers are one of those tools it is worth paying reasonable money for as the cheap versions tend to break under pressure just when you don't want them too !
The pointed noses also get you deep into the bowels of a model to grasp screws needing adjusting or breaking off plastic clips that you wish to remove. I've pulled the insides of RTR boats apart through deck hatches when planing to replace the gubbins with good stuff.
The square ended pair give a better grip on some materials and I always feel they are less delicate than the pointed end ones. Oddly, I can remember where I bought this tool from, the hardware shop in Lochgiplhead. I was on holiday and had taken a small project to while away the odd hour in the rain but had forgotten the pliers. As I said, you can't live without them.