Welcome to the addiction brave one; I don't think you will have any problems with 154CM, which is the American version of ATS-34 which Hitachi copied from Crucible, and it is what Emerson uses in all their models, as far as I know, 154CM has been proven in the toughest of environments and while it might not be anything as fancy as H1 regarding rust proof, I doubt it will rust on you. That said, I wouldn't leave it stuck in snow or salt water, and still wipe it dry and keep it lightly lubed just in case; the bottom line being all steels can rust depending on many variables.
I am sure the older users and Emerson hard core users can tell you more about it, but this steel has a high content of chromium, making it a true stainless steel; As I understand H1 has nitrogen instead of carbon thus it's high resistance to rust from salt water, but it can still oxidize chemically, and I think also by extreme heat. I'm not a metallurgist and have limited knowledge about steels composition, but I wouldn't worry about rust too much. In my limited experience, 154CM is an excellent choice, and heat treated the Emerson way is very tough, but easy to sharpen. I have left my Horseman outside for a few days, (I forgot it) and didn't see any rust on it, I live right next to the ocean so there is a lot of humidity at night, of course I had treated the blade with frog lube but my point is that I haven't had any problems with my Emersons; I hope this helps, im sure other guys will chime in with their views but you can always go to their website and look under "get to know your knife", it basically says what I'm saying but in a better way.
Anyway, welcome and good luck; you'll love your knife, that I know.