Dave,
Mission is well known for their Titanium knives. I should note that I am a Mission dealer so, factor in any bias you care to.
First, Titanium is not as heavy as steel so, it is not the best chopper in the world.
Second, Titanium may withstand structural forces that would cause a steel to break, it still is softer then most steels so the edge will wear faster.
Third, it will not rust. Period. No dulling of the edge to corrosion either.
Fourth, it has special properities that appeal to the EOD crowd. I'll leave that topic to someone more qualified then I.
The things I like best about Titanium (whether in knives or eye glass frames) are the "memory", the corrosion resistance and, the absolute strength against out right breakage.
I tend to view Titanium knives as a specialized knife, similar to ceramic knives such those offered by Mad Dog and Boker. Becuase of their special properities they have a strong appeal in certain specialized applications and, will find good service in other more main stream uses as well even though cheaper alternatives are available that will give the same level of performance. You also have the gadget/neato/Rambo factor with a Titanium knife that is much harder to get with a plain old carbon steel knife
Stay Sharp,
Sid
[This message has been edited by Sid Post (edited 11-07-2000).]