Interesting thread...to me steel performance is pretty cut and dried. You look at the spec sheets. D2 is more wear resistant, and tougher than 154CM. Neither is a partical metalurgy steel. Given the composition and proper heat treament, D2 should be finer grained, and should take the finer edge. S30V specifications exceed either one in both toughness and wear resistance. Those are the specs, based on optimal heat treatment and standardized testing. All other variations in performance should be a matter of edge geometry, i.e. how you sharpen, and use, which has MUCH more impact on edge performance than pretty much everything else.
Benchmade has done a lot of their own testing also, and S30V has now virtually replaced 154CM as their default steel on everything from the Presidio II to the Bushcrafter. I used to figure I'd like D2 on a knife I planned to use harder, 154CM on a knife I thought would need corrosion resistance. Based on current steels, I go for M4 for toughness, S30V for stainless...if I can't get M390.
S30V is a little peculiar though. There is the well documented tendency to form a wire edge under high-speed sharpening. There is also the relatively lower density of the steel, which makes it more vulnerable to impact deformation. Stay away from marble counter tops... I was leary of S30V for a long time, but now I am convinced it is great for folders and smaller blades. I don't abuse my edges at this point in my life, so S30V works well for me. If I had a hard working knife out of S30V, I'd sharpen closer to 40 degrees included, rather than my usual 31-32 degrees. I'm a "working edge" guy, like a toothy edge that bites and lasts. Don't really have any trouble sharpening anything...the more wear resistant the steel, the sharper your diamond stones need to be is all.
I have absolutely no complaints about 154CM, though, never have. I would never pass on a new model I liked because it had 154CM steel. In fact, I recently purchased a custom configurator Barrage in 154CM because I wanted a Dark Earth coated blade. It cuts fine, lasts a long time. The Arvensis combat knife is 154CM, and I think that was a great choice for that big blade - tough, stainless, and easy to sharpen in the field.
I'm rambling...anyway, 154CM and D2 are both great, but availability is going away, Benchmade-wise.