Folks,
I think a great deal of simplification is clearly visible in this thread, somewhat in taste of George Orwells two legs are bad, four legs are good!
Which steel is better? Depends on for what, as usually at least. Cliff is completely right, ATS-34 (or 154CM) holds the edge significantly longer than AUS-8 assuming that both are hardened to their optimal performance. This is clearly visible on pure slicing, especially on not too hard but abrasive materials like hemp, cardboard or gritty carpet. I have received confirmation numerous times testing different blades on different materials.
On the other hand AUS-8 is tougher what means less brittle and prone to chipping than ATS-34 or 154CM. Conclusion I would prefer ATS-34 over AUS-8 (or especially AUS-6) for typical hunting knife because it would hold up much better when skinning, especially when opening the game. The skin on wild boar belly is not just pretty thick and covered with hard bristle. Quite usually it also very gritty and you probably could get your knife dull even before starting the work when you should have it really sharp. However I would prefer AUS-8 over ATS-34 in somewhat bigger, say 5-inched general use outdoors blade because it can take more accidental abuse without chipping. The blade can always be resharpened as long as it stays in one piece and is not badly damaged.
Yes, it is truth that AUS-8 is somewhat easier to sharpen because it is softer and less abrasion resistant. However it is not truth that ATS-34 is difficult to sharpen to shaving sharp edge. All depends on edge thickness and sharpeners skills. My SPYDERCO Ti-Salsa with ATS-34 blade cuts forearm hair even without touching the skin, so it is really (not metaphorical) hair-popping sharp. The cost of such sharpness is very thin edge what in combination with ATS-34 steel would chip easily on relatively low lateral load. This way sharpened AUS-8 edge would roll even easier and even on normal cutting, without noticeable lateral load losing its cutting ability. The steel with lower carbon contents shouldnt be sharpened to so thin edge at all unless they are razor blades.