AFAIK, the powdered 154cm is called simply CPM154 and I have never heard of CPM M4. Probably also the wrong place to ask since again AFAIK there is no Spyderco knife in CPM M4.
In very general terms CPM154 is simply a sintered 154cm which improves grain structure and the general characteristics inherent in 154cm. Its a stainless steel, with average toughness for a stainless steel good wear resistance and good hardenablility. CPM 3V is a non-stainless steel with outstanding toughness even for a non-stainless steel (in the range of the shock steels) but much higher wear resistance than other steels in is toughness class. Still a bit lower in wear resistance than CPM154 or S30V though.
That in itself should make it clear that at least CPM154 an CPM 3V are pretty difficult to compare to each other since they excel in completely different fields. While I am really excited about the Schempp fixed blade (10 in) that is supposed to come out in CPM 3V, I am not sure I would like something like the Caly Jr. in CPM 3V.
I hope Mr. Schempp can chime in and add a little bit to this rough classification.