They are the same steel (although you may find slightly different elemental compositions on various charts); the difference is in that 154CM is cleaned by AOD (Argon Oxygen Decarburization), and thus is the cleaner steel of the two, which was not previously the case (AOD is a recently adopted procedure).
The surface hardness of steel is measured by the Rockwell C scale. This involves pressing a diamond penetrator ('brale') into the steel with a standard pressure, then measuring the indentation created.
Good vs. bad heat treating will reveal more differences between these steels than the designation alone. My initial foray into the world of ATS-34 was strictly with Benchmades. This was strictly a hit or miss gamble. Some sucked, some were OK. I was not overly impressed, and pretty much learned to despise stainless in general. But if I was not seeing good results with my blades, why were so many custom makers using it? I have sinced learned through my experience with my MT's using similar 154-CM, and with multiple customs blades using ATS-34, is that I really like this steel. Much easier to sharpen and better edge holding as well.
Don't base a buying decision on steel type alone. But they both are generally better than 420
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