Thought I'd throw in a different consideration. My understanding of the 154CM/ATS-34 issue was one of cost effectiveness, batch consistency and availability - in efficient sizes, shipment quantities not oo big etc.
I'd like to think a little differently about the batch consistency issue - I think people agree on the consistency of the product being a factor, given that 154CM and ATS-34 are the same chemically, or at least supposed to be. Those chemical contents could vary by any degree. In the end, it is the factory that determines what is an "acceptable" tolerance range for the percentages of C, Moly Chrome etc.
I've personally used ATS-34 and now the newer RWL-34, because I was told that it would have finer grain and would be more consistent as it was a particulate metallurgy steel. Frankly I can't tell the difference.
Here's the catch. I think it would make a big difference if I were involved in large batch knifemaking. I make 1 knife at a time and would probably only make 12-18 stainless knives a year. A larger company might churn out 1200 or 1800 knives or probably more. If there is a change in the absolute quality of the steel, I think the large company would be hurt more financially and batch consistency becomes a bigger issue. More knives would be affected.
There are so many different factors in turning a hunk of steel and components into a working knife and the original steel is only one factor. There's the grind profile, edge quality, overall design and of course, HEAT TREATMENT. A bad batch of ATS-34 with good HT will likely outperform a badly HT-ed piece of "good" ATS-34.
My 2 cents worth. Cheers.