Good info above! Robert explained the process for creating a banite matrix in 52100 very well.
52100 is one of those steels that requires a bit more tinkering with methods to get it right. I say this because each of us has different conditions and tooling within our shops.
Generally speaking, if your going to work 52100 at high heats, make it the first couple of heats. Try to move most of your material within those first two or three high heats, and then reduce the heats throughout the forging process, finishing with dark to med red heats, and light hammers/blows. Normailizing is critical to the performace of this steel, as is good annealing practices. 52100 is one of the steels that will not tolerate much over heating. If overheated it will not give you any outward signs until your finished with the blade, and test cut with it. That's when you'll wonder "why doesn't this blade cut very well?" If this occurs, overheating is likely the culprit.
The heat treat methodology I use is similar to Ed Fowler's, with some modifications I have learned over the years. Again, Robert is correct that is does take a long time to heat treat blades, and if you do not have the time required you might want to go with the banite heat treatment method with salts. I have not experimented totally with the salts, therefore I don't currently use them. The results do however, have their own merits. One thing to remember when forging blades.....if you are looking into the manufactures data, take it with a grain of salt. Most everything that is written by the companies and/or in heat treating books gain their data based on a 1" cross sections of the material. I've never made a blade 1" thick, and there is a big difference between that, and what we do with cutlery.
[This message has been edited by Ed Caffrey (edited 01-13-2001).]