Carbon V is a very good steel. According to several sources, including Joe's FAQ, it is 50100b, which contains about 1% carbon, .4% chromium and .15% vanadium. The chromium content is mainly for heat treating purposes (it takes about 12 or 13% to provide any significant rust resistance); a little bit of chromium promotes deep heat treating. The vanadium is a carbide former and helps form a very fine edge. Cold Steel uses a proprietary heat treating process with (I understand) triple tempering, which helps develop a very fine grain size, which is one reason why it can be honed so sharp. This is a very tough steel which can be flexed to a significant degree without cracking (do not try this at home, however).
Carbon V is almost the same as another very good steel, 52100 except that 52100 has about 1.5% chromium, about 1% carbon and none or very little vanadium. Marbles uses 52100 and after normal heat treating, applies a deep freezing process to assist the formation of carbon precipitates, if I understand it correctly. My Marbles knives (a Fieldcraft and a Campcraft) take and hold the best edge I have ever seen, even better than Carbon V. This may be due to a very fine grain structure.
Either steel is better than almost any stainless, IMHO, as they are easier to sharpen. I think that VG-10 stainless is as good as Carbon V but a little more time consuming to sharpen.
You shouldn't be disappointed with either. Carbon steels do require a little more care to prevent rusting, though.