I shouldn't say I hate it because it is normally good, I've just had bad experiences with ZT Elmax. M390 is better and that is what they use for newer blades so everything is ok.
When Elmax is properly heat treated and sharpened it should be a step up from S30V in performance and a step down from M390.
Here is a source so you know I'm not just talking out of my ass:
http://www.alphaknifesupply.com/zdata-bladesteelS-Elmax.htm