The one with the best heat treat. Lately I've had knives in S30V, with what I assume was better heat treat, outperform M390 with similar geometry/sharpening.
Any steel that will take and hold a good functional edge. Not really into "super steels" - don't see the purpose in paying for them when a good old carbon or one of the standard stainless do the job.
Rich
HAP40 is my new favorite, though I only own one knife in this steel. Also love Super Blue and AUS8A. Recently been trying out S35VN and I really like it.
My overall favorite is M390, especially from either Shirogorov or CKF. Have had some bad experience with M390 from other manufacturers, but I still love the stuff.
For heavier use or bigger knives, I am extremely fond of 3V and 4V/Vanadis4E. Had some great experience with those as well, for their own intended uses.
Also a big fan of Elmax, S35VN, and CPM-154, but if you gave me the choice of M390 for the same blades, I would take it every time
Another vote for M390/cpm20cv/cts204p here. Such great steel. Have owned TONS of knives in this (these) steel(s), and it never fails to perform. Close second would be s35vn, followed by 154cm. Love the ease of sharpening in 154cm, and I'll always take s35vn for a good "in between".
Fallkniven' s Lam CoS - laminated cobalt - great stuff holds a wicked edge for a DAMN long time and is easy to sharpen up especially compared to the super stuff been used today.
In folders I like M4. I have a lot of good steels so runners up would be S110V and D2. I've got a lot of different steels in fixed blades but haven't used them enough to develop favorites. Based on reputation I think I would really like 3V.
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