Sorry duders, but A2 is very tough and has excellent edge retention. Period. Real world usage proven.
Alloy content? Who gives a damn about that? What difference does it make in this case? All the alloy content of 154CM does is make it more stainless, not make it hold an edge longer.
I have used A2 head to head with 154CM and tons of other steels and not many of them can hold a candle to A2. Ya know, there's a reason Busse used A2 exclusively before they switched to INFI. It is that good. A looooong while back I had an original straight handled steel heart in A2 and it was an excellent knife in every respect. I never should have sold it.
I disagree completely. I could be wrong, so here's why I disagree...
The A2 I've personally used does not give anywhere near the same edge retention of 154CM although I've never used A2 hardened to 61 HRC+. It's tough stuff and performs well, but I have knives in many other steels which have much more edge retention (and usually much less toughness).
Busse most likely used A2 before INFI for the same reason that they use INFI and the same reason many fixed blades are made in CPM-3V and A2: it's tough steel that can withstand usage that most other steels cannot, and that trait is a great match for a larger fixed blade that will see harder usage as edge retention takes a back seat in that sort of application. And despite being tough as hell, it's still not a complete nightmare to field sharpen.
If edge retention is the trait someone desires the most in a knife, A2 is probably not the best option in a world where there are many other steels with improved edge retention/wear resistance, and many custom makers whom offer various steels to match to individual needs/usage/preferences.
As for the alloy content, given different additives can affect wear resistance, edge retention, toughness, shock resistance, the ability to withstand lateral forces that a fixed blade may see, and of course ease of upkeep (in addition to corrosion resistance), I think it applies both here and elsewhere? While not a metal expert, IIRC 154 has silicone added, which increases wear resistance, for example. Like the heat treatment, wouldn't the composition be as important a factor as any in terms of how well the steel matches the usage it will see?
While it is difficult to quantify steel performance and while the below shows there is some variation in ranking, there seems to be a pretty big consensus that A2 has fantastic toughness but lesser edge retention to many other cutlery steels. The A2 you may have used may outperform the 154CM and everything else you have used by a land slide, but A2 is generally not seen as a class-leader in edge retention/wear resistance which may illustrate why the general consensus is that 154CM will have better edge retention than A2 with other things such as edge geometry being equal...
From Crucible on wear resistance
Bark River Steels-A2 and 154CM
I think we can say that the heat treatment for all of these steels is a good treatment given Bark River Knives' reputation
http://www.crystalfallstradingcompany.com/barkriverknives-steels.php
A-2: This steel is tougher than all of the above and holds it's edge longer because of the larger amount of Molybdenum. The Moly makes it more abrasion resistant than any of the above steels without compromising toughness. It is also fine grained
Carbon: 1.1%
Chromium: 5.5%
Vanadium: .5%
Molybdenum:1.4%
154 CM: Is more abrasion resistance than A-2, but less toughness. It has a bit less abrasion resistance as D-2. With Bark River's heat treatment it is about as tough as D-2. 154CM is more stain resistant than either A-2 or D-2 and that is it's largest asset.
From Hudson
From Relentless
(independent testing of both A2 and 154CM that has been posted on this forum also seems to indicate the above that 154 is generally going to give better edge retention than A2 [with significantly less toughness, of course])
Beyond everything else, this shows that A2, 154CM, and any steel for that matter isn't a golden standard in that which steel that is "best" will depend on the usage the knife will see, and the preferences of the user. In this specific case, I dare say the question that lies here is "do you want the toughness of A2, or the edge retention and corrosion resistance of 154CM?" To my personally, A2 seems like the best choice with the stated use and the fact that this is going on a larger fixed blade in which toughness is generally more important than edge retention here.