So far....
No Contenders for the Championship Spot; it is Still Secured by INFI Steel by Busse Combat Knife Company.
The new CPM Steels by Crucible ARE good Steels.
The High Carbon Tool Steels ARE good Steels.
Comparing just those two categories is difficult, for they perform differently in potential Strength (resistance to bending), Toughness (resistance to breakage), wear Resistance, correlated to edge holding; hardness (resistance to indentation), corrosion resistance, impact toughness, lateral strength, & more.
CPMs may be more corrosion resistant than INFI, on paper, but practically, i can't prove it. Edge holding, demonstrated by MODIFIED INFI (only a carefully marked-out section of only TWO INCHES upon a Busse Basic Niner blade) proved 2771 cuts thru manila rope, full inch diameter; the only reason they stopped? Go ahead & ask...
'Cuz they ran out of rope! There's only so much on a spool, y'know!

For everything we wish a blade to do, in all categories, INFI does more than "hold its own," it generally surpasses its competitors.
Perhaps in a category or two, such as corrosion resistance, Talonite, Stellite, Boye Dendritic Cobalt will surpass INFI: but look at the tradeoffs: Talonite will chip or roll if used to open boxes! (Staples=ouch!) Not so, with INFI.
Supracor Steel with leave ALL others behind in edge holding, bar none! 87% of tungsten carbide hardness, yet don't drop it! it's not so tough. Same (lack of toughness) with CPM-420V mentioned earlier: not so tough; don't pry with it, don't stress it laterally!
So as Owen points out, no better all-around has come around...
INFI has THE Best Blend of qualities i have personally seen; been around knife-blades for 30+ years, pretty intensely. Doesn't mean i've seen it all, nor done it all, just means i can't find anything "better" nor even approaching INFI capabilities.
Jerry Busse himself has stated that if something comes out that out-performs INFI, he would use that; very wise man. Yet he is in a bit of a quandry, now isn't he? He HAS the BEST steel; he makes the claims far UNDER what the stuff can do; yet SO MUCH HYPE is "out there" that pretends to be able to "outperform all others" (Cold Steel comes to mind; & i don't feel in any way bashful about pointing them out, since they unashamedly print their hype in their CURRENT catalogs, STILL!!! After having been proved wrong... Tsk, tsk. Camillus makes their knives, anyway, what whattup wit dat?

...) that he merely appears to be "one of the others" to some, who don't take the time to try them for themselves.
So Jerry's quandry? He's got the Best, he sells it, & b'cuz the hype-artists say almost what he does, people cannot tell the dif~ without experiential knowledge of Busse products. (Or a good course in LOGIC would help see thru others' bull! Ha, Ha! )
Other folks sell knives, too; and that's great. There's plenty of market among all of us, that's for sure. But to sell them, do they have to say: Ours is the BEST steel? (When its not?)
i just have a problem with that...
As for heat treat: Busse does OVER EIGHTY HOURS of heat treat on each blade!

This includes DEEP Cryogenic to -312^F for about 68 of those hours, if you count the lowering & raising times of ten hours each: slow rates. not a "quick dip" as some... then it's triple tempering beyond the cryo~
Any takers on that? i don't think so....
Others MAY do cryo, but they do overnight stuff, with sudden plunges into negative temps, not 2 plus days of it, slowly molding the martensitic structure, easing it into a chillin' placement...
Also, Busse guarantees their product.
That's standing behind what they provide.
That's sound business, & trusting to the product's capability, so the customer can feel they are really getting what they paid for.
It's integrity, & honesty, not bravado & mush...
Sorry for the rambling, but it's worthy rambling! imho

Nuclear Powered,
Climber Clif
PS Oh, one more rambling note: i read an owner of a competitor to a Busse knife, used his to anchor a "climbing hold" by hammering it into a rock face-crack. That's nice.
But it doesn't prove Jack Squat. Why? Well....
Do you know what we USUALLY use for those functions? Hmmm?
Soft Steel, or hard ALUMINUM climbing gear; to conform to the rock, & take the jolt of a falling body. That is one expensive piton to use a $300+ knife for that, when a $5 Hexentric Nut Stopper would do fine... Would i trust a Busse knife to "do" that? Uh,,, well of course it would do it... it isn't a big thing. Bragging about it, tho, now THAT'S big
Whoo-boy.
OK, i'm done now.