My early production 005RW has a CPM154 Bos heat-treated blade - but sadly, that relatively new and reasonably priced variant is gone from this year's 2010 catalog. They offered that blade metal as a custom shop choice earlier for 110s - and it came on the Bass Pro 110 as well as a special run of 192 Vanguards. I don't recall ever seeing 154CM on a Buck blade, although Benchmade and others seem proud of it.
In my admittedly limited use, the CPM154 edged 110 and 192 were as initially sharp as my S30V variants. I cannot compare them with my Benchmade 154CM knifes' initial sharpness - none of them came as sharp as the Bucks. The 154CM seems as much fun to resharpen as my Spyderco S30V Native - my most abused upgrade blade steel EDC. I use a Spyderco Sharpmaker. The Buck S30V & CPM154 knives I have are not yet dulled enough to require resharpening - they seem to hold their edges well.
My problem is, like some others here have expressed over the years, why Buck offers such neat handle choices - with 420HC steel. Sure, it's nice - takes a polish quite well - but for real moola, I want S30V, CPM154, etc.
Stainz