4116 is fine with me, 55-56 RC, easy to sharpen, good rust resistance, easy to mod.
After this thread, I pulled out my Pocket Bushman in 4116, and I actually enjoy that knife. The steel is easy to sharpen, stain resistant and seems pretty tough.
I also have been enjoying a few Bucks in 420hc.
So I am not a steel snob. Sure I have many steels I prefer (cpm3v, 52100, infi in large choppers, 5160, etc).
I just can't see my self ploping down $$ on a trailmaster in the newly announced steel.
Honestly, it might be near as tough as 5160 (which i really love in larger knives, and actually make my own in it).
A Charpy notch test, torture test, and edge retention test done side by side with SK5, or other steels might help assure those who are stressed.
Many people think that the 1095 is really tough, but it is not, really. AEBL, 52100, 5160 (and other spring steels) cpm3v, and others are multiples of levels tougher.
Honestly my experience with Bucks 420hc has been a revelation from the standpoint of easily taking wicked sharp edges, and just being plain enjoyable to use.
AEBL or equivalent steel would totally be an option too. 52100 would be great as well. They are already making budget knives in this steel. So it seems strange they did not pivot towards 52100. If you give me a choice between 52100 and A2, I'm going to pick 52100 (even though I like A2).