I just picked up a new Level 2 in a trade. The one I received is a very smooth opener, locks up beautifully. I'm not sure about the 440C steel just yet, but so far I haven't had to touch up the blade. You can get the blade swapped out for S30V later if you're unhappy with the steel, but I haven't heard of anyone being upset with this particular treatment of 440C.
The fit and finish are excellent, as they should be given that this knife is in the same price range as a large Sebenza.
The ergonomics of the handle are top-notch, and the blade shape lends itself to both utilitarian and defensive needs. All in all a great knife.