I'm surprised the differences noted between A2 and 12C27, I would almost think that the differences are due to expectations rather than realistic differences, at least assuming that the heat treatment Bark River uses for 12C27 is as good as reported. 12C27 has a finer carbide structure than A2, meaning it could potentially be tougher and take a finer edge, though A2 is far from a coarse carbide steel. The wear resistance is fairly similar, with A2 maybe being somewhat better. 12C27 is one of the easiest steels to sharpen I've experienced.
Well, as I have said many times before, there is simply no evidence of strong correlation between commonly achieved sharpness and grain structure. In theory there might be one but fact is that if the carbide size would really determine the edge radius, I should be impossible to get D2 to shave. But even if carbide size is not the limit but only the limiting factor, people should be able to sharpen 12C27 about 25+ times sharper than D2 because that is the rough size difference of the carbides. Considering that you can get D2 to shave easily, the edge radius on those D2 blades has to be around 1-2 microns, which implies that it should be possible for the same people to achieve an edge radius of 0.04 mircons on a 12C27 blade..... which is at least AN ORDER OF MAGNITUDE off the mark. So clearly, there are FAR more important factors that determine ultimate sharpness. Again, we are not arguing over a discrepancy of a few percent, but over a factor of 10.
I am not saying that you won't be able to see differences in sharpening behavior due to carbide size and volume, nor am I saying that edge stability, depending on geometry, is not affected by carbide size, but ultimate sharpness at "normal" geometries (greater than 10 deg per side) is obviously not very much dependent on carbide size. I am sure you will get a few percent difference between a coarse grained and a fine grained steel....enough to notice a difference when the carbide size is significantly different (like between 12C27 and D2), but I very much doubt that grain size is a noticeable factor for ultimate sharpness when the difference in grain structure is a mere factor of two or similar.
Personally, I think burr formation is far more important and that has clearly been the problem for me: A2 sharpens beautifully, I don't have to raise the angle to get rid of residual burrs, I don't even have to watch out for it. It is very easy to get a very clean and polished edge. 12C27 on the other hand feels like rubber in comparison. Not as bad as my experiences with 420HC but not nearly as good as ZDP-189 for example either. It doesn't hold an edge for me as long as A2 either, which I am sure has nothing to do with wear resistance but simply with the fact that the edge is still not as true as it should be, and that the residual wire deforms easily. The burr alone prevents very low edge angles or demands a large difference in angle between the primary and secondary bevel. I could grind an S30V blade on a nice diamond stone to a nub, before I get a really clean edge straight to < 10 deg per side on the sample of 12C27 I have. This behavior seems to me generally very much dependent on the falling ratio of C to Cr in the steel. But I have no solid proof to back that up. It is just an impression.
As I said, toughness doesn't even enter this evaluation. I have seen pictures of Mike or Sharpshooter testing the bend strength of their 12C27 blades, and it is pretty crazy how it holds up. I am also skipping the discussion of what would happen at angles below 10 deg per side, as in my use those edges have never held up sufficiently well for me. I have not tried all possible angles but somewhere below 20 deg per side I find that I have to be more careful with the edge than I am will to be, even though it makes for a terrific cutter.