I've made and used quite a few knives in all three steels. They're all pretty dang good
O1 has very good toughness, decent edge-holding with proper HT, and is easy to sharpen. It's rightfully famous for taking a clean, crisp "scary-sharp" edge with a bit of care, and you don't need any special gear to hone it (a good old Arkansas or India stone will work just fine). It will patina and even rust pretty easily. It's a very good choice for a general-purpose/utility knife, including ones that might be used for chopping and other rough work. Just keep it clean and dry and it will most likely outlast you.
You didn't ask about it, but since we're talking tool steels we should mention A2 as well. I haven't worked with it myself but by all reports it's sort of a balance between O1 and D2, with good toughness and improved wear-resistance over O1. Another fine choice for a utility blade that can take a good deal of hard use.
D2 has relatively poor toughness but very good wear-resistance; when cutting soft or abrasive materials it will hold its edge a good long time. It's prone to chipping a bit when used for "impact" work. It can pit a little bit, but you have to neglect it pretty badly to get it to actually rust. D2 is known for "taking a lousy edge and holding it forever", but that's not entirely true - it's definitely capable of nice "toothy" edges but it can also be refined to a near-razor edge if you want. It's not real easy to sharpen but good diamond stones can address that. Hunters really love D2 with good HT (Bob Dozier is widely regarded as the King of D2 hunting knives), because that toothy edge and high wear-resistance hold up very very well to dirty, muddy animal hides. I don't recommend it for chopping.
3V has outstanding toughness
and edge-holding; its wear-resistance is very similar to D2 but the extra toughness makes it resist chipping. It can get dang near as "scary sharp" as O1 and can be called "semi-stainless" like D2. Again, you're going to prefer diamonds to keep it touched up. It works great for big chopping blades, medium general purpose blades and light, thin slicers. CPM-3V is my favorite steel overall.
Hope this helps.