I think the main benefit of the finer structure is toughness, not edge retention. Someone more familiar with metallurgy can provide a better answer - I'm sure @Larrin has a link on the subject. In general, though, my understanding is that the smaller carbides in the PM version are less likely to chip out, letting you get sharper edges that are less prone to taking damage.
Depending on the material you're cutting, that may or may not translate to longer edge retention, based on if the material is wearing away the steel itself, or knocking out carbide structures.