Being somewhat of a Cold Steel fan, I'm fascinated by peoples' views regarding AUS8. VG-1 is seen as being a tad bit better all around, but that's really moot. My interest, really, is in whether people believe it's a premium steel and at what point their personal proclivities enter into it.
To my way of thinking, of course it is a premium steel simply because most knives using AUS8 pretty much fall into a price range that most would consider upper middle to high. But what to use as a base? I believe the answer has to be 420. If you walk into any average hardware store, the knives you'll normally see displayed on racks is a medium grade 420. You can get a reasonably built heavy duty knife with a stout 420 blade, machine ground and finished. The steel in the blades found in the discount bins is usually 420j2 or worse. From there it goes up to the behind-the-glass display, usually Case, Victorinox and, naturally, Buck knives, and each has a dedicated following. Although Buck's 420HC is still pretty much an unknown to me (I really should get one one of these days), I don't know much about the stainless steel used by Case and Victorinox, but I've never been very impressed by the SAKs, and put their blades into the category of emergency use only. Going to the Leatherman multitools, most blades there also center around 420HC and are generally okay for opening boxes and bags of potato chips.
Then there are the 440A blade knives. Fairly good intermediate stuff. You can get some pretty bad, no name knives with this steel, granted, but when you step up to AUS8 steel, things begin to change. The steel is predominantly used by better known companies and the knives begin to show polish and craftsmanship that line up with what Buck produces. The labels become much more descriptive: "Blade: AUS8 steel (Japan)" and some even list the Rockwell hardness estimates. But the cheaper el crapo knives engage in stuff like: "Blade: Stainless steel" or "surgical stainless" or even (heaven forbid!) "400-series stainless" (the kiss of death!).
Anyway, even though it's a few pegs down from being the best, AUS8 is premium steel based simply on its performance (comes sharp, easy to sharpen), consistency, and the knife companies that use it. In short, if you spend a good $60-$70+ for a good EDC folder that sports AUS8 blades, you're more than likely going to get your money's worth. And though it's a modest cost for most of us, many people wanting a pocket knife simply find this price range a bit too high for what they want.