154CM = ATS 34 used to be #1 for cutlery

[Bigfattyt]

So heat treatment method is key to how final result....got it. I'm just fascinated...

If a steel is not properly heat treated, no matter the steel, all you have is a metal shaped object, not a knife.

 

[bdmicarta]

S90v, CTS-204p, M390, and CTS-XHP come to mind. Spyderco uses all these steels and Benchmade so far as I know uses M390.

These are some of the best that we have in current production. Back in the day ATS34 was very common in better production and custom knives, I would say that in production knives S30V is perhaps in that position now although we have so much variety that M390 and so forth are pretty well represented in production and customs. I'm also seeing that carbon steels such as O1 and 1095 are pretty well represented in custom knives.

if I spent $300-$500 on a blade, what material is expected?

In production knives you might get infi or elmax or m390 or m4 or cts204. In custom knives you could expect pretty awesome differentially heat treated heat steel, uncommon damascus, or any of the above.