Cold Steel makes excellent knives, and they go where no other knife makers go in that they make large folders that other knife companies adamantly refuse to compete with. I like my 5-inch Voyager and Gunsite and just kind of laugh when Spyderco puts out a 4-inch knife and all the Spiders talk about how huge it is.
Regarding steel, there's no doubt that Spyderco uses premium steels, but there are many of us here who are not "mall ninjas" who carry and use Cold Steel Voyagers and who like them. Likewise CRKTs. Cold Steel, meanwhile, also concentrated on strong, durable knives like the Rajah, which has accompanied many hikers and campers. It also is the ideal knife for a bugout bag, something we've discussed elsewhere.
I'm not happy with some of their recent decisions, though I believe their Tri-Ad lock system is the best on the market. And though some people "chase steel," my Voyagers have very satisfactory edge holding capabilities, and even some of their 440A knives have had admirable edge retention (something that I haven't experienced in knives made of the same steel by other manufacturers).
Anyway, I'm no mall ninja and am an average user of knives. I'm very happy with my Cold Steel knives, though I appreciate the fine quality of better knives. I just don't feel the need to carry them. I have a small Spyderco Native that I've worn and used extensively, and I can't really tell that much of a difference between it and my 4-inch Voyager. In fact, the Native has never been as wickedly sharp as my Voyager. And when serrated blades are carried, edge retention is largely irrelevant.
Cold Steel is the only major manufacturer of decent knives to make 5- and 6-inch folders. It also is the only knife company to have engineered a new and innovative locking system (the Tri-Ad). It also subjected their knives to rigorous testing, despite the howls of objection (some of it deserved). But despite its flagrant sensationalism, one can't come away from their DVDs without a mixture of appreciation of the knives abilities and yes, a bit of revulsion. Despite the broo-ha of it all, seeing a knife put into a vice and bent to about 35 degrees is impressive. Then seeing weights applied to the handles, followed by vicious blows to the backs and blade bases -- well, it's something that other companies don't do.
I agree there's an element of Cold Steel that appeals to Mall Ninjas, but really, their money is as green as mine, but there are also aspects that appeal to folks like me, like, as I said, 5- and 6-inch knives, solid locks, strength and beauty. Again, there are people who appreciate fine Spyderco knives, but don't underestimate the CS fans here, most of whom are not Mall Ninjas or newbes.
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Hey I can dream can't I? 
