Ed,
Assuming a good heat treat, both steels are very solid choices for using blades. Here's a quick compositional breakdown:
--D2--
Carbon- 1.55%
Manganese- .35%
Silicon- .45%
Chromium- 11.5%
Molybdenum- .90%
Vanadium- .80%
--M2--
Carbon- .85%
Manganese- .30%
Silicon- .30%
Chromium- 4.15%
Vanadium- 1.95%
Tungsten- 6.40%
Molybdenum- 5.00%
In practical terms, the general consensus is that the relatively large amount of chromium in D2 makes this very nearly what would be considered a "stainless steel". Ergo, all other things being equal, D2 will enjoy an edge in corrosion resistance over M2. M2, on the other hand, has over twice the vanadium content of D2, so it enjoys a measurable advantage in terms of wear resistance. Both exhibit approximately the same absolute amount of toughness although toughness in D2 is optimized at around an HRC of 60, while M2's toughness is greatest at an HRC of around 63.
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Semper Fi
-Bill