So I've officially picked up Cody as my Alt. main after Bison, and I have to say that knife is a lot better then anyone is giving it credit for. Rapid fire P with the knife can just chew through life with chip damage, j.HP with knife is crazy good and can be followed up with MK and HP Criminal Upper for like 300 damage, his standing and crouching pokes with the knife are just 300% better even after considering that Cody has some of the best normals anyway, and he's even got a few link combos he can mess with.
The only problem I keep facing is that Cody really has no way to answer pressure outside of just playing a solid game. But when he's applying pressure properly, it's almost impossible for the opponent to escape. It's so delicious.