HR means "Hot Rolled" and CRA means "Cold Rolled and Annealed". Hot rolled is rougher as it has more scale left on its exterior from the hot rolling process (where it's turned from an ingot to a flat bar).
1095 is really easy to work with. Its tool steel version is called W-1 and is the standard by which the machinability of other tool steels is judged.
It takes as keen an edge as any steel when properly heat treated, so it is great for cutting. Furthermore, it's shallow-hardening, and if your blade is more than .100" thick or so, the core of the blade won't harden as much and as a result will be very tough, especially against impact.
It's not a stainless steel by any stretch, so you've got to keep it oiled or otherwise coated to keep it from rusting.
It's used by Ka-Bar for many of their military knives, by Nicholson for their files, and Ron Hock for some of his woodworking blades. It's good stuff!
-Allin