Why were you advised against Talonite? Just wondering, as it has about the best edge retention qualities you'll find. Absolutely will never, ever corrode either. The downside would be that you wouldn't want to chop or pry with it, as it may chip quite easily. Otherwise, it's an incredible material for cutting and slicing.
As for D2 and 154CM, both are great for everday use, but also have their trade-offs. Things could get a whole lot more complicated really fast if we bring the subject of heat treating into this, but for the Camillus EDC, we'll assume that all is equal. (I'm sure someone will bring it up though- heat treating can make a HUGE difference in any steel's performance- but it sounds like you're after the basics more or less)
First off, D2 is a carbon steel. 154-CM is a stainless. 154-CM will be more stain and corrosion resistant, whereas D2 will have a tendency to corrode with lack of proper care. Wipe the D2 down with a Tuf-Cloth or similar every now and again, and you'll be fine. Unless you plan to keep the knife wet a whole lot, you'll probably never notice the difference.
154-CM will tend to have a lower RC (Rockwell hardness) number than D2, could be like 58-59 for the 154, and 60-61 for the D2. That's a generalization, though. That means that the D2 will be slightly harder, yielding better edge retention, but with that comes a greater chance for chipping. Generic rule of thumb? The higher the RC number, the better the edge retention, and the higher tendency to chip. The lower the RC number the lower edge retention, but lower tendency to chip.
The performance of D2, like many carbon steels, is highly dependant upon it's manufacturing process. I like it alot, but as it's harder than 154-CM, it takes more effort to sharpen yet needs it less frequently. You might prefer one over the other based on your usage and sharpening habits. Both would make excellent choices, but 154-CM would probably the easier of the two for you to put into use as a true EDC. Virtually maintenance free, and will sharpen up nicely while still returning a very respectable edge life.
You'll find both widely used in both customs and higher end production knives, so it's not like you can really make a bad decision here anyways. I'd personally recommend D2, as there's just something about it that appeals to me. It seems more raw and less processed than 154-CM (although I can't base that in metallurguical fact) and as someone here once posted, it does seem "alive". Takes a great edge as well, but can be frustratingly difficult to sharpen for someone who has really never done much sharpening before.
Well, I'm sure THAT response didn't help you out much, did it? What a rambling mess- sorry, I'm getting sleepy.
Buy them both, and get the Talonite model while you're at it.
Firebat