Very very tough steel. Takes a wicked edge and holds it. the average person would be hard pressed to recognize any edge retention differences. Easy to strop and maintain. The 154CM holds a little bit better edge than the 12c27 Sandvik according to Mike. I can't tell the difference personally, but I haven't been perfecting knives and heat treatment of steel for over 30 years either. Just to be a pain, I will throw a curve in there and say that his Bohler N690 stainless pretty much rocks too. I think I own and have used pretty much every steel he uses. A2, 1095, 52-100, 5160, 154CM, 12c27, N690. Every one of them are a sweet compromise of toughness, edge retention and ease of sharpening. I can't say enough about any of his steel.:thumbup: