I would take a "cheap" carbon steel (as in opinel etc) over a "cheap" stainless (as in Victorinox etc) anyday. In my experience they are easier to sharpen and hold a nice edge longer, which are more important features to me than stain resistance.
I love higher end stainless steels however. The steel-snob in me loves the crazyness of replacing more and more iron with chromium, vanadium, tungsten and whatnot, but the simplicity of a good carbon steel has its attractiveness as well.
Please don't be offended by the "cheap", I carry a SAK everyday and love it, I just couldn't think of a better word.