Like any other animal, 420 stainless does have its uses. It is especially stainless due to the low carbon, high-chrome content. That also makes it more tough due to the lower level of hardness it can attain in the first place. The "surgical" moniker is largely marketting, but there is probably some truth that this type steel was useful for surgical instruments because of the instruments could be sterilised and over and over. BUT It was probably never meant to apply to CUTTING instruments. I could be wrong about this...
As mentioned already any steel is only as good as its HT, and with a relatively "inferior" steel like 420, whether it is the 420HC version or not, there is even less room for error. It really does take a superior HT to get the best from 420. However, it appears that many of the big-selling manufacturers have come across such a method. Many 420 knives (and AUS6, etc. etc. ) made in China (don't know about Taiwan), have a far inferior HT than the 420 blades and other blades made, say, in Japan.
Its true, these days, for the same money, its likely you can get a better performing knife for the same money. Just have to look.
Its not to say 420 or 420HC knives are totally useless, but as a knife user and having choices, I reserve the right to say that 420 is not good enough in virtually ALL respects for my purposes or my standards.
My 2 cents. Jason.