If heat treated well, you will not be able to detect much difference in edge holding edge shape being equal. To appreciate the edge holding difference you would have to cut tough stuff all day long, needing to sharpen two or three times a day. When Benchmade first came out with M-2 (those who have read this a hundred times skip down to the next paragraph), I compared an ATS-34 AFCK, a M-2 AFCK, and a CPM440V Spyderco Military. I cut stuff all day long, rotating the knives equally, waiting for one of them to distinguish itself. No one blade ever did. They all stayed about equally sharp until I got sick and tired of sweeping up the garage floor.
M-2, as heat treated by Benchmade to around 61 RcH, is much tougher than ATS-34 as heat treated by Benchmade. Which is why i like it so well. I really like the 154CM too. It seems finer grained than the ATS-34 blades (Benchmades), and takes a finer edge easier.
But I wouldn't want to hang my hat on the meaningful differences between these steels for the average pocket knife. All are fine steels, and I would not hesitate to buy a well designed knife with any of them.
[This message has been edited by Steve Harvey (edited 11-17-2000).]