I bought a Buck 55 due to my love of the 110, but came away disappointed. For the money, I expected better fit 'n finish.
The Buck Vanguard is a modern design with a pocket clip, a usable blade shape, and an open handle that's easy to keep clean. Mine has an S30V blade and I'd recommend the knife to anyone.
That said, I'd still gift a 110 in a heartbeat. The recipient can choose when and how to carry it, but he'd own a proven classic.