I personally prefer to use steels with more of a reputation for impact resistance and overall toughness. Mainly use 5160, although I'm looking to try some 3V. L6 and S7 also tend to be popular.
W2 should be fine though. I suspect the main reason that it isn't used more often is that it's hard to find in suitable billets for stock removal. The extra vanadium content over W1 should make it nice and slicy. Plus, it also takes a nice hamon. I'd like to see a jian with a well-done hamon out of W2, actually. I say go for it!