I am no expert on this and hopefully someone who is will chime in. Heat treating can make a steel much harder, or relationally softer. Harder steels generally hold an edge better, but if they are run too hard they can become brittle. Softer steels are usually tougher and can stand up to more abuse but usually do not hold an edge as well as the same steel run harder. In addition, the heat treat can affect things like corrosion resistance, wear resistance, toughness, and all sorts of things. Each steel has a range that its hardness can be run to bring out its best qualities. Some, for example, can be hardened between 54-59 Rc. Others can be run as high as 65 Rc and still perform. There are steels that can be run harder, but they are not common. If you do a search there are some threads addressing harding, Rockwell testing, heat treat, and etc.