It is not that is has to be a hard carbide. The more important point is carbide size and distribution. M2 is tempered on higher temperatues (500°C) than D2, so you can expect much more small carbides, than on normal treated D2. Tungsten builds smaller carbides compared to vanadium. Even though they are not as hard as vanadium they are quit hard. Considering wear resistance the small carbides perform aswell as the bigger ones, but M2 contains some bigger carbides too.
Many reports are saying, that M2 takes and holds a finer edge than D2. I don´t know this by own experience. I didn´t fuond much difference between a 40+° and a 30+° edge angle on a D2 blade. Tried it and the edge behaves the same, considering noticeable breakouts at the edge.
I hold a D2 blade, which is tempered at nearly the same temperatures of M2 and the edge comes out very fine. I really love it. As a positive extra result, the blade is tougher than tempered at normal ranges (100 - 200 °C). This D2 blade remained rust resistant enough for my tasks. Even cuttting oranges don´t make any harm (i usually wipe or clean my blades after using, no matter if they are stainless or not).
So, if rust is a problem or concern, M2 might cause more maintance for you. But, as many say, the wild wild west was won with non stainless knifes, so what? Benchmade protects M2 blades with a good coating.
For a fixed production knife, i would go for M2. For a folder, D2 might be the bettter choice. The best, looking at the two: D2 tempered on high temperatures, or S30V.
