Rockspyder,
I agree with you exactly. This is one reason why I have become disenchanted with some of the newer steels, such as the CPM's, for my own personal use. Most of the hard-to-sharpen steels (I know that is a relative categorization) don't hold their initial razor edge signifigantly longer than simple carbon steels, or especially more complex alloys like 52100, my personal favorite.
But when you start the process of restoring that keen edge, it takes much longer.
I realize that a knife doesn't have to have a razor edge to be useful, and in some applications, a coarser edge is even more desirable. But for most of the things I do with a knife, I like a very sharp edge. I try to keep it that way with a strop as long as possible before going to a hone.
That being said, I like AUS 8 better than ATS-34 for my personal use.
It may be just my subjective opinion, but I think AUS 8 takes a little sharper edge than ATS 34 or 154 CM, its American clone.
Still, even with all of that, ona practical level, design and edge geometry probably make a bigger difference in many cases than steel selection, granted that the two steels being compared are not miles apart in performance, which is the case in ATS-34 and AUS 8.