In Ankerson's famous blade testing thread, he rated the Para II in CTS 204P as a category 1 in perfomance and the M390 Military in category 2. I would guess there are no real differences and the heat treat (hardness) causes the slight differences in the blades and not the steel.
Category 1
CPM-S90V (Military and Para 2) (60)
CTS-20CP (Para 2) (60)
M390 (Mule) (60.5)
CTS - 204P (Para 2)
Category 2
M390 (60)
CPM M4 (62.5)
CPM-S90V (59) (Manix 2 with 30 Degree Micro Bevel)
CPM-S60V
VANAX 75 (Kershaw Tilt)
To my understanding, Carpenter is using a better powder metallurgy process. They are using "third generation" which supposedly results in finer grain structure.
It was my understanding Bohler was 3rd gen and Carpenter was 2nd gen. Could be wrong though, have been before...