Given the size and balance of the knife, I don't think it is at all similiar to the old Steelheart. Based on the fact that you want a Steelheart style knife, I am assuming you want a knife for hard outdoors use. If you truly want an old school Steelheart style knife suitable for hard use at a bargain price, check out Justin Gingrich's RD7. You can get them from Sage Creek Outfitters.
http://www.sagecreekoutfitters.com/ The flat grind model with the satin finish and orange scales look ideal for a hard use knife.
Image borrowed from Sage Creek Outfitters as referenced above.
As for the Rat7:
With the same knife being offered in 1095, you have to consider what you are going to do with the knife, examine the material properties of each steel and decide which is better suited for your needs.
If you want a decent degree of rust resistance, cut a lot of abbrasive materials like cardboard, carpet, skinning game, cut lots of rope, etc, and do not use your knives for impact intensive chores, like chopping hard woods, splitting wood with knots, etc, then the D2 version would probably be a good choice. I have not used the D2 version and can offer no real opinion on the heat treat. You may want to search this forum and others to see if their have been any complaints about Ontario's D2 heat treat. IF there has been, you should take that into consideration, but also take into consideration that if there is a problem Ontario has been very good about replacing defective knives based on the numerous reports on this and other forums.
If you are going to be using the knife for hard use tasks, such as the chopping and splitting referenced above, or any sort of prying you may want to consider the 1095 version. I have the 1095 version, and it is similiar to a large Gerber Yari. The handle is nice and the grinds decent. The heat treat on mine is solid. The Ontario knife does cut very well for its size.
Another factor is sharpening. In general 1095 is a very simple steel, and as heat treated by Ontario is run a couple points softer than the D2. So if ease of sharpening is important, or you may need to sharpen the knife with field expeidient equipment (sand on a leather belt, smooth river rock, etc) the 1095 version would probably be a better choice. If you have diamond or ceramic sharepening stones, and don't think you will need to sharpen in the field, the D2 is in the running, weighed against your other factors of course.
Another determintation you need to make is how hard do you plan on using the knife. For fairly moderate work the Ontario should be fine.
However, if I was looking for a hard use knife, i.e. lots of chopping in hard seasoned wood, splitting knotty wood, prying then the Ranger Knives line would be my first choice. For my uses, the longer 9" model is better. Not because I need any more chopping power, but because the longer blade makes it much easier to split wood with and gives greater reach when lopping limbs off down trees.
The Ranger Knives use 5160 at ~58RC, which should be more impact resistant than the steels offered in the Ontario line, and his quality control seems excellent. Of the reviews and posts I have seen, Justin's heat treat seems to be very consistent.
As well, the Ranger knives are ground thicker (the Ontario knives are ~.030" whereas the Ranger is .050") while it sounds like a small degree of difference, the actual strength gain is quite large, so the Ranger knife are better suited for real hard use. If you want to increase cutting performance, you can of course thin the edge out.
That is just my opinion based on my use and observations. Your use and preferences may be different, so try to handle a variety of knives and see which fits your hand the best, figure out waht you will be using the knife for and go from there. Hope that helps,
KT