Between those steels D2 has a lot more Chromium (rust inhibitor) content. I believe the requirement to be classified as stainless is 13.00% or greater Chromium content. According to Benchmade's Data Sheet:
Chromium Content:
D2 = 12.00%
M2 = 4.15%
M4 = 4.0%
So, D2 should be MUCH more stain and rust resistant than the other two. 154CM has 14.00% Chromium. The difference between D2 and 154CM isn't much, but how much of a difference does 2% REALLY make in the real world is what I'm trying to determine.
Edited to change 1% to 2%
For what its worth, having deployed in saltwater environments for months at a time for years carrying both D2 and 154CM blades, when either is exposed to direct saltwater spray or gets wet with saltwater if you do not wipe dry and oil "soon" they will both start to develop light rust by the next day or so. No real discernable difference under those circumstances.
I've had both steels start to lightly rust in my pocket even when not used just from the environment. Regular application of Break-Free CLP kept them rust free though as long as I did the above.
D2 may rust slightly faster, exactly how much faster I don't really know but in my experience both will start to show corrosion under the right circumstances. D2 may show light corrosion after one day after exposure and 154CM might take two or three days after exposure. Not exactly scientific but what I observed. If your in an environment that is highly corrosive to steel both will require preventative maintenance (Wiping dry and oiling) to parent rust. The difference not being all that great.
Although D2 only has 12% Chromium (Just below the threshold of being stainless) vs 14% Chromium in 154CM, D2 also has other alloy's in it that contribute and support stain / corrosion resistance.
The D2 formula also has:Nitrogen 0.30%. Similar to the Carbon atom but offers and contributes to corrosion resistance. Plus, Molybdenum 1.0 %. Used mainly to increase strength & hardenability also adds to corrosion resistance.
I'm not a metallurgist but I think "maybe" the other alloys added to D2 contribute to it's overall corrosion resistance and why D2 has better stain resistance then it's 12% Chromium might suggest. Just something I thought of.
Like I said, that's my experience with both. I've never seen any side by side testing between the two though.
This might be a good question to call Benchmade and ask them. Ask to speak to a tech in customer service and see if they have data that definitively defines how much more corrosion resistant 154CM is then D2. This is data they just might have readily available.
I'd be curious to know myself.
All the best,