From a structural engineering standpoint...
go to this link on wikipedia so we have the same diagram to compare:
http://en.wikipedia.org/wiki/Stress–strain_curve
Mild steel will deflect in its elastic range up to its elastic limit, also called its yield strength, labeled as point 1 in the graph. Soft steel, hard steel, tough steel, doesn't matter at all- up to this point the deflection is the same. Hang different pieces of steel off the edge of the bench, put weight on them, until the yield strength is reached all of them will deflect the same amount. (However significant percentages of different alloy in the mix such as a whole lot of chromium might change the stiffness a little bit).
The harder the steel, the farther it will go before the elastic limit is reached. If the graph contained more than one type of steel, point 1 for one steel would be farther up the line than point 2 for the other steel.
Once the elastic limit is reached then the steel travels along a plateau, increasing stress slightly as it goes, until the end of the plateau where it fractures. Mild steels might have a long plateau, hard steels a short plateau. And for a given amount of hardness, a steel with more toughness will have a longer plateau. (In this way of looking at toughness, it could also be called ductility.) At full hard a steel might not have much plateau at all and might fracture close to where the plateau starts. Traveling along this plateau is where you would say that the knife would deflect without adding much weight.
Superimpose the stress-strain curves for different steels on top of each other and you would see that some plateaus would be higher than others, and some would be longer than others, but in general the higher up the plateau, the shorter.
There is a tradeoff between strength and toughness. As you increase one you decrease the other. Different alloys and heat treatments will change the point at which the tradeoff occurs and will maintain more of one property as the other one is increased.
The hardest steel will have the highest strength, if the blade shape will allow it to develop this strength. At this point there are a lot of variables involved. A fracture could initiate at a stress concentration in the shape of the blade causing the blade to fail at less than its theoretical strength, where a more ductile but less strong steel could continue to be loaded beyond this point. Also a sufficiently ductile steel can start to permanently deform under bending stress and still pick up additional load as greater parts of the cross section begin to yield. For instance a rectangular bar made from ductile steel will have a maximum bending strength of almost 50% greater than the amount of bending at which it first begins to permanently deform, this is the elastic section modulus vs. the plastic section modulus. A stronger but less ductile steel could carry more load before it begins to permanently deform, but could fracture soon after than before it develops its full plastic moment.