M2 has a little larger carbide size, but the volume is low like those steels, and most of the carbides are small. M2 does have better wear resistance because the carbides are harder than O1, 1095, and 13C26. Because of the high alloy the grain size is also small. I think the reason for low impact toughness is because of the occasional large carbide, but I don't know everything. Occasional large carbides don't affect edge stability as much as a large volume of carbides, which is why M2 has much greater edge stability than the PM stainless steels. You haven't seen posts from Cliff about M2?