The blade geometry & sharpness are the most important, since they determine how well or poorly a knife will cut.
Since, no matter how good the blade is, a knife is useless with out a handle to control it, I would rate the handle ergonomics next in importance.
Steel/heat treat are third in importance, since they essentially, determine how long the edge will stay sharp by resisting wear, rolling, micro-chipping, rust ect. While a poor heat treat will ruin a good steel, I think poor heat treatments are rare, since most reputable manufactures control heat treatments fairly well. No heat treatment, no matter how good will turn 420j2 into BG42, so the heat treatment should not be over rated. The steel basically dictates the heat treat for optimum performance, although re is always some debate on exactly what is optimum for a specific steel in a specific knife, and how to obtain it with heat treatment.
The steel and heat treat also determine how much a blade will rust, and for some users, this is more important then edge holding.
Blade strength is determined mainly be geometry and to a lesser extent by the steel/heat treatment. How important strength is is dependent on how a knife is used. Knives used for light cutting do not need a lot of resistance to impact or bending, but a "hard use' knife intended for chopping and prying dose.
The nitrogen in INFI forms nitrides which are similar to carbides in that they incease wear resistance.
-Frank