Tim,
About 15 years ago I use to make knives by the stock-removal method and the steel that I used the most was 440-C. Primarily, I made small 2 1/2-4" fixed blades and never had one customer who said that he didn't like the steel. I believe proper heat-treat is the one single most important aspect of a quality knife.
Personally, I don't use stainless steels anymore in customs that I buy and that is because they are hard to sharpen and don't keep their edge long enough for me. Now, I use carbon and Damascus blades and they just seem to cut forever and they are so easy to re-sharpen (if properly forged) and mine definetely are. I have tested most of the stainless steels in use today and IMHO 440-C can hold its own! I think it is best suited for small folders that will be used and for blades to be used in a wet climate or around sea water. I don't think they are good for big knives or long blades. Just my opinion.