Yes, it's like taking a cheap steel and then doing it very, very well.
I know a lot of people don't like Cold Steel, but I've found that they, too, can take a steel like 440A or AUS8, and make it into decent blades by using a good heat treat. Yes, I know they don't make their own knives, but they do have oversight of their products. I normally detest 440A as a steel, but I have a Recon-1 (old model) that has a blade that seems indistinguishable from my AUS8 blades. Also a Pro-Lite. One CS tech told me they had gotten a good deal on a slab of 440A and that once it ran out, they would either drop the knives or switch to AUS8; so I know they buy steel and don't just leave everything up to other companies.
I'd like to see Buck take a step up from 420HC, and I have bought a couple of their premium bladed S30V knives. I just don't much care for the brass bolsters, which tend to discolor. I have a friend who put a very nice slice into his hand when his Buck 110 snapped shut on him. Ouch. Strong springs.