My Nyala is S35V, and so far it seems to hold an edge very well.
Chris Reeve Knives is supposed to be transitioning all of their folders over to the S35V in 2011, and their new folder, the Ti-Lock - is S35V right out of the gate.
Since Chris Reeve helped develop the recipe for S30V, and is converting his knives over to S35V - it must be decent stuff.
I haven't done enough real world testing with my Nyala to be able to substantiate any real significant differences - and the differences might be so subtle that you would need lab testing to measure.