The mini alpha is a great knife for the money. I have a folding alpha hunter with ATS-34 also. The fit and finish are great. It opens smooth as butter. And it's wicked sharp. It's a little heavy, but, hey, it's meant for skinning deer! Buck's factory is close by (San Diego) and I go there often to their company store. My EDC is a discontinued Tac-lite with ATS-34, Bos treated blade. It's absolutely teriffic.
Buck's regular 420HC steel is more suitable for dive knives. I wouldn't recommend it. But the new trend towards high-tech steels like BG 42, S30V, ATS 34 and their partership with Tom Mayo and Strider will definitely help their reputation.