Great post. My take on it is this, and the standard disclaimer in this situation is to say that it is of course my humble opinion only, is as follows:
My grandfather gave me a good number of his knives, and the good ole carbon steel on the Kabars and Schrades he handed down are still capable of taking an edge I can't muster on most of my newer knives with ATS34 and others. The newer knives I own do, however, hold their edge longer and the blades seem to retain their form longer due to more resistance to wear. The other beauty to my BM's with ATS is that they require a lot less maintenance oxidation-wise than the older, more-frequently-used-in-days-of-old carbon and stainless steels, 440 included. There seems to be trade-offs with everything, though. The 440 on my Seki knives from the eighties seem to be less chip resistant than ATS.
The older knives' handle materials have, on the other hand, deteriorated to an extent that I doubt some newer G10 and carbon fiber handles and scales would.
My contention is this. Companies like Benchmade, Kershaw, and Spyderco offer the best of both worlds. They offer superior steels to even ATS34 (though ATS suits my needs just fine) at a price point that represents a "high-end user's" category. It's like a happy medium between custom knives, some of which I am afraid to use and enjoy because of their price, and low-end, inferior pieces that cut just fine but may not have the same life expectancy.
Benchmade happens to be my brand of choice, but there are plenty of medium to higher-end production knives that offer the same value.
You probably know all of this already; all of this is an understatement to many. Improvements are made every day in the realm of cutlery. One day, we'll probably be buying and using low-end knives (if legislature still permits, of course) that have some new, state of the art blade material that's not steel at all. Regardless of that, I'll still have some good ole steel-bladed BM's around that'll still be cutting just fine.
Professor.
[This message has been edited by Professor (edited 06-21-2000).]