There are opposing views, but the opposition really hinges on semantics. Here is how to conceptually visualize it: steels have
definitely improved, by specializing.
While every steel does indeed have its pro and cons, it would be absurd to say new steel technology are just cheap marketing parlor tricks. You have to understand the improvement process, which really is
specialization.
Pick a use: say, small EDC utility knives. The steels today in that specialized field will have in fact beaten out the older ones - D2 or ZDP-189 when treated properly and bevelled to the blade geometry necessary will rust less, pit less, and hold a cardboard-cutting edge much longer than say, 1095. And since corrosion and utility-edge-holding are the dominant traits of a small EDC knife, it's not hard to say that the steel has improved in this regard. For machete-like choppers, INFI will again corrode less and hold a longer edge than 1095. For diving knives, well, 1095 can't even touch salt water uncoated, while H1 will only laugh at the feeble attempt.
Now, has modern steels beaten tried'n'true steels in every single regard? No; carbon steels are tougher under impact, chip less, and have higher edge stability than modern stainless steels. They are also less expensive, which allow the manufacturer to spend more effort on improving the knife than buying the raw material. Does that make modern steels cheap marketing tricks designed to scam customers out of their money? Hell no, that would be nostagic technophobia. It's like claiming that bronze has better toughness under impact, and therefore steel hasn't really "beaten" bronze. Well, sure, semantically, but for all intents and purposes of modern knives, steel has indeed beaten bronze, and you wouldn't catch me EDCing a bronze knife any time soon.
Individual people have great preferences as to which aspect of steel they prioritize over the others, which many times causes them to choose old steel over new ones, and that is great if it was in fact an informed choice. (And this occurs quite often in this forum, because forum members pay much more attention to steel characteristics than the rest of the public.) You should indeed research what you want in a steel to make a decision.
So are the modern steels better? No one can flat out say that they are better, but they have greatly specialized, allowing you a much greater variety of choices as to what characteristics you want. For most, it would be modern steels over older ones, but the opposite often happens as well, and if the decision was made fully informed about the characteristics of either, that is simply great.
Do not let anyone tell you that one simply sucks more than the other.
Edit:
Cliff has a large page dedicated to the characteristics of
blade materials, which you should read often. Also, proper technique, blade geometry, and proper manufacturing of the knife is much more important than the steel composition. The above discussion is only relevant if all other factors are equal.
) steels you can (sort of) expect it has been treated properly. Actually, as most of cheaper (less alloyed steels) don't require as precise HT, cost-oriented knives will give you poor performance not because of "lesser" steel but because of not utilizing what the specific steel can offer due to scamped HT.
