Cobalt --
Again, someone has compared the two kukris you are asking about. It was a comparison of the CS Gurkha kukri (not the lite version) to the HI Ang Khola. Head over to the Himilayan Imports Forum of knifeforums.com to find out more.
In short, though, as I recall the CS did hold an edge better. However, the CS's harder edge needed sharpening when it got dull. The HI could be burnished with the provided burnishing tool, so mean time between sharpening still might have favored the HI. In addition, the CS vibrated badly on hard chops.
The HI kukri I think is at a similar price point as the CS Ghurka, but the HI is handmade (if that matters to you) and appears to have some nice advantages.
Joe
jat@cup.hp.com