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Don't see many knives in CTS 204P, why?
I got a Spyderco Southard in this steel. I like it, but the Southard has a thick blade and a bit heavy, I don't carry it much.
Wonder why there aren't more knives in this steel, perhaps smaller ones.
m390 and CTS-204p are the same thing. also so is 20cv
m390 is the original and is made in germany
204p is made in the usa and is a copy of the m390.
the only difference between them is that m390 uses a slightly finer grain size powder.
you will not notice a difference in use or testing what so ever.
knife manufactures choose to use one or the other based on prices and availability of each steel type.
many people do not know ANY of this so it allows knife makers to make more money.
Actually anyone who has been reading here for any period of time knows what you are saying. They are not the same, you say it yourself. Also, different makers have different HT.

They look pretty close to me, near identical in fact.
Differing HT protocol would definitely change the performance of the alloy, as would geometry, cutting edge shape, and a myriad of other things.
That being said, HT wouldn't change the makeup of the alloy (I don't think that is what you were saying, but clarifying that for any newer folks.).
I have a number of fixed and folders in M390 as well as in CTS-204P. As these steels hold an edge for a long time, I have little experience in sharpening them...although I have the necessary tools to do so.
Whitty...a dealer/enthusiast who I really like to read...said this (on 8-11-16) below.... His post gives me the impression that he greatly prefers 204P over M390...at least in terms of ease of sharpening. If I have misunderstood...then I hope that he will correct me.
http://www.bladeforums.com/forums/showthread.php/1420122-ZT-562-or-ZT-562CF?highlight=M390
Dealer / Materials Provider
This is only my opinion based on my own experiences. I had the ZT0562CF with M390. I liked the knife and it held an edge really well, but when it came time to sharpen the knife, it was a murderous task. When ZT switched over to CTS-204P I was scared of it based on my past experience with M390, so I avoided it. When the ZT0456 came out I could no longer avoid it because I love the design and size of the knife. Needless to say, I put a ZT0456 in my pocket. Since that time I have used and abused my 456 and the CTS-204P has blown me away. I have done things with my knife that I feel sure should have wrecked the blade, only to come away with not even a micro nick. I have carried it for over 4 months and the only form of sharpening I have done is running it up and down a strop. After stropping it goes right back to shaving hair sharp.
I tell you all of that to say this. With the Carbon Fiber Scales and the incredible CTS-204P steel, I personally think it is worth the upgrade. Regardless of which you choose, you will be getting an awesome knife.