This paper addresses the optimization of topological characteristics of Bluetooth scatternets which affect network performance. Particular attention is paid to the issue of fault tolerance, and objectives which are in competition with this. Using a multiple objective framework, the optimized trade-off between various topological objectives is determined. This is used to compare the scatternets produced by four decentralized protocols from the literature. The results offer a new basis to analyse and compare decentralized scatternet formation protocols. Results are presented for a range of randomized test problems.