Regarding their powder steel, I don't have experience with SGPS (aka SG2) on any Fallknivens, but I have used it on a Kershaw JYD II Ti and a Shun paring knife. It takes a very fine edge and holds it well. I've avoided using those knives for tasks where greater toughness is required (e.g., cutting cardboard that may have staples in it), since when I was reading up on the steel I remember seeing people complain that it's fairly chip-prone.
I'd rank its edge-holding above VG-10 -- which I've used on quite a few knives, including various Spydercos and a couple of Shun kitchen knives -- with its toughness being a bit lower.
Basically, if you're looking for a good steel that will take a very fine edge and hold it very well cutting relatively soft media, SGPS would be a good choice. However, there are a lot of other excellent folders (and steels) that are within reach at a $200 price point, so I'd definitely suggest shopping around and seeing what else is out there.