Jacknife and a few others here have hit it on the head, at least from my way of looking at it. The edge and the blade geometries make a world of difference. After that, you decide if you want something that holds an edge for a reasonable amount of use and sharpens back up quickly, or a steel that can be a mother to sharpen back up, but lasts considerably more.
I've played with EDC "rotations." I still have a wooden cigar box with my carry knives in it. Along the way I've carried a couple of Case CV yellow handled knives, Soddie Jr., Barehead Slimline Trapper, and the lil Peanut. All carried and cut great, with the qualities usually associated with CV/1095 steel. Even here in the summer in the San Antonio, Texas area, they weren't much trouble rust wise. I didn't even take that good care of them. Just a wipe down and when every so often I'd wipe the blades down with some mineral oil. In thereI also had some stainless knives, D2 and a couple of Boker's in 1095 carbon steel. All worked well. I carried the Peanut a LOT for two reasons. It in your pocket like it wasn't there and it cut like cazy and all out of proportion to its tiny size.
However... And I've repeated this a few other threads lately dealing with related stuff. I pretty much only carry one of two slippies now as my real EDC knives. Both are recent (2006) Case. Both are trappers, one full, the other a mini. Both have stainless steel. Oh, and both came ripping sharp out of the box and continue to cut like crazy to the extreme with just a bare leather stropping (a few strokes only) and not all that frequently. The edges are just right on. Blade thickness and geometery are spot on. They are also attractive knives with excellent actions so are just a pure pleasure to pull out, open, cut with, and close. The mini carries well in slacks, the full size in jeans. I would have to set to work on my other knives from a variety of makers to get them to the same point these are. Not saying my other blades aren't sharp, pleasant, or attractive. They are. It just seems these two started life cutting crazy and have kept it up, while combining fit, finish, action, and looks that just give me great pleasure every time I use them and they carry nicely. The same knives in another batch or for someone else might not work as well.
The above experience has pretty much convinced me that for my general use when everything works and the knife is a pleasure to carry and to use, I don't really care what the steel is as long as it works like a cutlery steel is supposed to. I also have learned that there are so many other factors involved in a good EDC that blanket statements don't amount to much. Oh, and I have a utility type SAK tucked in a blazer pocket for occasional use. My SAKs have always performed quite well.
Certain steels have certain qualities, certainly. (forgive the word play <g>) If I did a lot of whittling, and I hope to somewhere down the road, I would probably opt for a knife pattern that fit my way of using it and go for a carbon steel, 1095 or CV. From the various whittlers on here these two seem to be favorite picks for that type of work. Where general, everyday cutting by the average guy doesn't show up much difference between carbon and stainless. For whittling, if these guys are to be believed, and they are more often than not

, carbon steel seems hold and work better for such things. However, I have used my old Swiss Champ quite heavy when I was making some walking sticks and it worked well. I did have to hit it on a fine stone every do often.
To make this thing even windier... I recently picked up a smaller, fantastic fixed blade knife from Shadow Knives. It is 440C, hollow ground, and Eddie White grinds such an excellent edge on it that the thing whispers through things more than it cuts. While I haven't used mine nearly as heavy as SunnyD has, I'll take his word that it holds up pretty darn good. The point? Once again, decent steel, properly heat treated, and shaped/edged well makes a real cutting tool.
However, another recent aquisition, a Marble's Fieldcraft (modern, not vintage) in 1095 Carbon Steel stands out as my first choice for a camp and wood running knife. It isn't that I have any doubts about the SK knife. I don't at all! However, the Marbles has the blade style and thickness that makes it a first class choice to use in the manner of it's name, fieldcraft. The convex edge on it is perhaps a better choice for heavier use along with the thickeness. Yet it is still light on the hip. Sharpening in the field should be simple and quick. While I've yet to give a good field trial, edge holding too should be great. Plus, with a carbon steel blade you can use it with the variations of flint and obsidian to make a fire.
While stainless knives will create spark from a firesteel, as the firesteel is providing the matieral for the spark, with flint, it is the tiny particals of carbon steel that are the spark in flint and steel firemaking. Once again, back to what ya gonna do with that knife.
If you can, pick up a couple of decent knives in a few steels then carry and compare. Maybe pick up a Case Sodbuster Jr, or a Peanut in CV and one in SS and take turns using them to see how they compare for your uses. You may find that it doesn't matter much, or may find that for your situation, one works better for you than the other. That's part of the fun of it all by the way. Playing around.
