Glad you came back down and bumped this back up. Like many things that get buried here, I think it is an important subject that is a huge part of what we do.
JM2CW on this subject:
According to the GC forums the most appreciated item found in caches, hands down, are the multi-tools. So here is how I feel about it. If you don't think they should be in a cache then take them, (you are free to take anything you wish right?) and log that that is what you took. To do anything other then that, like take all the stuff you don't like without logging it is inappropriate. If the item is so bad it should not be listed in the online log then you should e-mail the cache owner of the find and the removal.
They need to know what is being left in their cache, they may choose to hide it better or move it.
Live a good, honorable life. Then when you get older and think back, you'll enjoy it a second time.