I've received 52100 from different vendors lately, all of it is spheroidized. At least the stuff I've gotten. My understanding, as was mentioned, in order to get the carbides into solution, you have to perform the grain cycling steps (at least the first high heat), and the higher initial heat of 1650 or so is very critical. Of course, this causes grain growth, especially if left to soak for a while, so we grain cycle a few more times to reduce the grain size (introduce more nucleation boundaries). I believe this initial high heat puts all of the carbides into solution, so we can utilize a lower temp (1475 vs 1500 or 1525) to reduce RA. Most of what I have read concerning 52100 has been from Kevin, and 1475 with a good soak has been giving superb results, provided the steel is set up properly prior to hardening. Funny, I just HT a 52100 blade (copy of a Kephart Classic) last night. 1650F, 10 minutes soak, cool to black, quench. 1500F, cool to black, quench. 1400F cool to black, quench. (scale removed every cycle). 1475 for 15 minutes, quench in 120F canola oil. Temper 1.5 hours at 350. Clean scale off to bare steel again. 1.5 hours at 400. I would LOVE to have a hardness tester. There was a decent amount of decarb. I left the edge about .025, and sanding off the decarb has left an super hard edge about .005.
It would be really interesting to see tests done on triple quenching during grain cycling vs air cooling. As far as real world application, I don't think anyone would be able to tell the difference without microscopes and what have you. If the line is that fine, I tend to go with only air cooling in between thermal cycles, to reduce any chances of micro cracks that might happen during quenching, especially quenching from 1650.