To answer your question: Yes, you are way underestimating 440C. As with all steels (especially stainless) the heat treat is absolutely critical.
I clump stainless steels into three catigories:
Crap (400 series, 440A, AUS4, 420J, Surgical, etc.)
Decent (Buck's 420HC, Aus8, 13C26, etc.)
Premium (440C, N690, VG-10, S30V, 154CM, ETC.)
440C falls into my Premium catigory. I have owned and heavily used a few knives from Benchmade in 440C, and was nothing but impressed. The steel sharpens up far beyond where I can get S30V, and the sharpness potential is why I put 440C in the premium catigory. It is also very stainless, takes a very nice polished finish, sharpens easily, and holds an edge for as long as you would need in an EDC. If you know how to sharpen, I would recommend 440C as fast as I would recommend 154CM or N690.