This is the breed of steel often found in older non-stainless slip-joint pocketknives. Simple steels with about 0.7% to 0.8% carbon. Usually, they were hardened in the mid-fifties, taking a blisteringly sharp edge easily and holding it fairly well.
As always, it comes down to the heat treatment. At similar hardness and geometry, I'd rate 1075's resistance to abrasive cutting mediums (rope, cardboard, skinning) to be similar to AUS-8 or slightly better, falling below 440C. It's tougher than either of those steels, so its ability to resist deformative damage and roll instead of chip and bend instead of break will be better, but that's only of slight advantage with a folder as you're unlikely to be chopping or batoning with it.
The area where it'll fall behind if you're used to stainless steels is in its edge holding against corrosive cutting mediums or environments. Those of us who don't live in deserts, if we sharpen a non-stainless blade up until it's just absolutely hair whittlingly sharp and then leave it on a desk for a couple weeks, will come back and find that while it's still sharp, it's lost some cutting aggression. That really fine, carefully honed edge will oxidize just like any other part of the blade, unless you coat it with an oil, grease or wax. Doing so with one of the drying-to-film oils would be preferable if it's going to be riding around in your pocket, of course.
For what it's worth, I have one of the Greco Whisper folders with a blade of 8670M tool steel which is essentially a version of L-6 (one of the most enthusiastic rusters of all time) and its a very serviceable cutting tool; and, of all my folding knives, the one that I worry the least about doing damage to the tip if I need to pop a stone out of a truck tire or get under a particularly determined staple. Partly, that's because of its very robust geometry, but the fact that it's made out one of the toughest steels that ever showed up in the cutlery world doesn't hurt.