"I think the other side of the argument comes down to how fine the grain can get, such as a very fine edged chef's knife. If geometry is pushed to the extreme, then a small performance gain can be had. Each steel has its optimum strengths, whether it be toughness, fine grain, deformation resistance, wear resistance, or stain resistance. Everything is a trade off. Pick your priority, then choose the steel."
Well said. For me, my personal favorite is 52100, because for me it's got the best balance of steels I've tried. Easy to sharpen, holds an edge a long time, and is tough. There are steels out there that will out cut, are tougher and easier to sharpen, but non I've tried have the balance that 52100 has.
As for the simple steels? Only one real area I'd say there superior to stainless high alloy steels, and that is toughness and shock resistance. And part of that is the ability to do an edge quench and leave the back soft or springy. I make nearly all my folders with stainless blades, for corrosion resistant reasons, and any big choppers from carbon steels. I remember reading about a special ops operator that asked a maker to make him a knife from carbon steel because "you never know when you might need to make a spark". Others want a dive knife that will never rust and edge holding is second or third concern. All depends on what you want the knife to do.
Pure cutting ability with two identical knives, one from 10xx steel, and one from say ATS 34 or CPM 154, I'd give the edge to the high alloy steel. Now if your going to do any prying or such the carbon steel would have a slight advantage. Also the simple steel will be easier to sharpen, though CPM154 is pretty easy to sharpen. Everything is a trade off.
End of the day, first is to figure out what you want the knife to do, then figure out which steel and heat treat. Everything is a trade off.