Cryogenic treatment of steel has been well documented for many years.
The confusion and controversy with performance gained is from how the cryo is applied.
The temperature change must be gradual to the lowest, held for a fairly long period of time and gradual to ambient.
1. Dry ice and acetone-- this is popular with home hobby or small knife makers. Temperature is -108F, this is the least effective, dunk and remove,,,,not much time at the low temp. It is also a thremal shock to the steel.
2. Liquid Nitrogen-- many manufacturing companies use this method in combination with a heavy wall presurized and insulated vessel for heat treatment of high carbon alloys. Most processes dunk the steel into the liquid nitrogen or introduce the nitrogen to room temp parts, this is a severe shock to the metal grain structure. This liquid nitrogen was developed for the retained austenite to martensite transformation. This is why you will hear discussion of "if the initial heat treatment was done properly,,,you do not need cryo".
3. The newest and best is -300F with special equipment. Many readers of BF do not believe the claims of the metallurgy improvements by the commercial vendors of this service. The use of -300F is very well accepted for military aircraft components, expensive racing car engine parts, the most accurate rifle barrels, musical instruments and of course cutting tools. It is not hype to sell the service, this treatment does work very well as claimed. This process is done over a 24 to 48 hour time frame,,,,slow temperature drop,,hold at -300F,,,then gradual return to ambient.
Do a search for "cryogenic heat treatment"& "dry ice acetone" very interesting reading.
http://dmoz.org/Science/Technology/Cryotechnology/Cryogenic_Processing_of_Materials/
The gain for knife blades I believe, is the the precipitation of newly formed carbides arising from the sub-zero treatment process. It is well documented that tool steels used for machine tools have increased wear resistance and longer usefull life.
Regards,
FK