I agree with Plantman, you want to secure the knife and then worry about further action, as the attacker isnt probably expecting you to do this, and if you can control the the knife/wrist you can control the body of the other person or disarm him and cut a tendon.
As such, i would probably follow these steps.
1) jump back with waist as you catch knife arm, to get out of danger zone (presuming knife comes up from low position for a gut shot)
2) pull attacker off balance while trusting a kick/stomp into he's shin or knee
3) proced to beat the expitive out of opponent with elbow and knee strikes, then perform take-down or knife disarm followed by a tendon cut in shoulder or elbow of opponent with knife if he still wishes to attack.
4)this should be a fairly safe method (as far as knife fighting goes)

We worked on this last night at the dojo. I have overcome the problem without having to capture the wrist. Took me a while to get the hang of this variation, but darn if it doesn't work too bad afterall!

You should let someone come try to stab you with a butter knife and see how well you do. Just kidding. Actually that is soemthing I have been thinking about trying with a friend for a while.

I apologize for dropping into the middle of a thread and so late in the thread as well, but I have a little advice that might help.

After you've deflected the stab and while your punching to the face or throat, you should be sliding your defending arm to the crook of the attackers elbow and pinning the arm to their body (keeping your elbow lower then theirs to prevent a slash). This is why you may feel vulnerable during the defense, because you are.

After the the punch (or two), you then grab the wrist -- with your defending/sliding arm -- and then either kick or perform a cavalier take down.

Again, sorry for the intrusion.

Mitch M

No, don't be sorry for offering an opinion and/or advice. That's what a forum is for. Thanks for your opinion!