Even with outstanding heat treat, 420HC is still 420HC. I agree with what others have said about Buck's famous heat treatment, but most reputable knife manufacturers have decent heat treatment processes for their blades. There are a number of steel comparisons available on the Internet and, of course, people here who have used it for years. What makes 420HC better than other grades of 420 is the high carbon (HC) content. According to Timkin Latrobe Steel, "420 HC is a high-carbon martensitic stainless steel which exhibits an attainable hardness of approximately 55 HRC and good wear resistance. TLS 420 HC should be considered for applications such as specialty knives, industrial knives, cutlery, rolls, plastic extrusion tooling, scissors, surgical knives, bearings, and other applications which require a combination of corrosion resistance and wear resistance."
Buck rates its steel generously, placing it a step or two over AUS8 and comparing favorably with ATS-34. I have my doubts. Check out
A.G. Russell's Steel Guide chart for further information. Edge retention is usually associated with carbon content and I think 440C, ATS-34, VG-10 and S30V are all clearly superior, again, depending on heat treat. Realistically, it's probably somewhere between 440A and AUS8, some saying it may rate a little more than AUS8. I've yet to see any actual tests other than subjective accounts and I have my doubts; but that's the ball park. I've found that Cold Steel's AUS8 is excellent.