I have not yet put my 1st M4 through any heavy paces as I haven't had the opportunity to put scales on yet. But, I have tinkered a little with it and made some casual observations.
First, my first M4 didn't come as sharp to me as most of my other Spyderco's. But, that is OK because I intended to sharpen right away to get a feel for how it sharpens anyway. Also, I wanted a convex edge as that is just how I sharpen and this Mule will get plenty of use.
As I pretty much expected, it is reasonably hard and harder than most non-stainless steels to sharpen. It seems about as hard to sharpen as some S30V that I have worked with. But, I have had some 154cm that I felt was harder to sharpen (????)... hard to say exactly - somewhat of a "feel" guesstimate.
However, the M4 has taken a VERY nice edge and although I haven't used it hard yet, from the mild use I have put it through, it seems like it will be holding it's edge better than many

MOST") other steels I have owned and used.
I missed out on the 52100 Mule by a couple of days and have been kicking myself since. But, now that I scored a M4 Mule I have no regrets. I have some other blades in 52100 and I like 52100. But, I am confident I will like this Mule even more. For me, I have always felt 52100 was a very good steel, but just a little more prone to rusting than I prefer.
In regards to the Mule design, I think I am really going to love this knife when I get some scales on it. The handle and blade shape are both awesome for a knife this size. The only issue I have ("had") is the sharp/steep thumb ramp/hump. It is ("was") just steeper than I prefer. So, when I sharpened it, I also ground the hump down to a more gently curving thumb ramp / hump. The modification feels MUCH improved to me / for my hands. I went from not liking the ramp, to liking it a lot. The mod still gives plenty of thumb resistance for down-force or detail work while feeling much more natural and versatile in my hand (IMO). Plus, I think it looks better (IMO).
I will now have to consider that modification for one of my Temperances.....
After having used this M4 in the kitchen a little, I noticed it seems to patina very similar to A2. I cut up some chicken tenders, cucumbers, tomatoes and peeled and sliced some grape skins to test sharpness.... yeah... it's sharp.
I personally don't really have any issue with a colored patina like A2. I much prefer a blueish gray patina over rust. From my experience with 52100, 52100 "readily" and quickly turns orange, brown and black (rust in my book).
A2 and this M4's patina are more of a color "shading" without pits and/or rust "growth". :barf:
A2 is a very good knife steel in my book. I am under the impression that M4 has better edge retention (?????).... (seems a little better so far ????) ... and reasonable toughness at almost as tough as A2.
So, far, M4 appears to have "GREAT" blade qualities in my book for a Mule sized knife. :thumbup:
I originally ordered one. But, I have been so impressed with the steel and design so far, I ordered another last week. Should be here today or tomorrow.
Here are some pics showing the patina and my "Hump"/ramp mod:
... notice the "waiting" stabilized block of wood.

..... I need to find a band-saw to borrow (?????) and order some pins.
Another minor modification I will likely make when I add the handle will be to slightly taper back the guard from the blade. It is a very minor thing, but it seems too canted towards the blade for my preferences. Putting it on a square piece of paper, it is actually very close to 90 degrees from the blade. But, I guess there is an optical illusion created by the angled plunge line that makes the guard seem canted towards the blade. It "feels" like it is just slightly in the cut path for close in work. I think I will grind it back just a tad to be more inline with the plunge line or even slightly more angled away from the blade. (?????) Maybe even a little shorter (?????)
Possibly like this (?????):
Anyway, Awesome knife and awesome steel so far.... :thumbup: ... Can't wait to get scales on it.
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In regards to "Next Steel":
I am interested in seeing Mules in (or at least consider the following possible considerations):
CPM-3V,
CPM-S90V (CPM 420-V),
CPM-9V,
CPM-10V,
ZDP-189,
Cru-Wear
CPM-15V sounds like it would be too hard to sharpen and work with (?????). 10V sounds like it is pushing most peoples (and makers) tolerable limits (????).
I don't know much about 9Cr18Mo (?????).
A couple of other steels that I don't know much about, but am curious about include RWL-34 and 20-CV (?????).
.