My early serial number 0561 has been great. I have used it on metal plenty of times, mostly hydraulic line or high pressure line. These are composed of a rubber core surrounded by braided steel and wrapped in a heavy duty rubber or nylon(?) exterior. The woven steel layer is composed of thin steel wires that are very tough.
It does dull it a bit, and it does take quite a bit of pressure to get through them. I have used a lead mallet a couple times to get through the woven steel. If the knife isn't shaving sharp it takes a good bit of effort, but I have been able to make a good 8-10 total cuts before the edge needed steeling and a 0.5u loaded strop.
It does roll a hair and dull a bit, but it will still cut printer paper afterwards. I'm wondering if they softened the HT after the early models. We may never know, but ELMAX is a great steel when its HT'ed right (not saying ZT's isn't, I have no real experience with other ZT ELMAX).
I would say the ELMAX in my knife is very tough but has the wear resistance of S30V give or take. Once it hits around 62Hrc, I think it really shines. Uddeholm says that ELMAX has increased toughness over S30V at higher hardness and I would believe it.
Its not a magic steel, but I think its a solid edition to the lineup and has great corrosion resistance. Just like all the other great steels, it will improve overtime as the standard HT improves. Look how long it took S30V to get squared away, makers thought Superman's gentlemen's region would be easier to make into a usable knife.
I look forward to seeing this steel as an alternative to S30V(S35VN didn't really take over) in the future.