OK, I may be wrong here, and I'll wait for corrections. According to the CPM folks, 420V has more 'wear resistance' (durability) than 440V, but 440V has more 'toughness' (strength). CPM3V and CPM9V beat them in both categories. 440V is made with aluminum oxide whereas 420V is made with vanadium carbide. Note, though, that all wear resistance and toughness data are nominally relative at RC 58-61.
After a certain point, Wear Resistance and Toughness are negatively correlated. In other words, the more you have of one quality, the less you have of the other.
Both are tough to work with and require significantly more expensive materials (or more of the same) to sharpen, sand, polish, etc.
420V's edge retention gets a slight nod over 440V, but Military users have found it difficult to remove its edge even with rugged use in the field against a variety of materials.
Burke, I assume it may not only be the machinability, but the cost issue. How much do you want your knives to cost, and is that difference worth 'significantly' more to you? Note the word 'signficantly.'
Given the chemical properties and density of CPM steel, I'll take any of them. For more info on this, check out:
http://www.crucibleservice.com/cscd/crucpm.htm
Since I'm not fully informed, I'll wait for for those who know more on this subject. Perhaps Ed or Tom?