If you are having a custom blade made, the thing to get in stainless now is CPM's S30V. It meets 440V in edge holding at a given hardness, but is tougher (impact toughness, resistance to chipping) so can be run several (3-4) Rockwell C-scale points higher in hardness. Higher hardness means it'll hold an edge better when slicing or push cutting. 3-4 Rc points is a lot. Like at least 20% better in terms of resistance to edge wear and rolling, and perhaps approaching 30% or more.
S30V's corrosion resistance is about the same as 440V (very good). Abrasion resistance should be similar. Look for S30V at Rc60-62 to begin taking market share in the higher end products.
CPM 440V is relatively brittle compared to most any other stainless steel at a reference hardness. It therefore has to be run no higher than around Rc58 (by a custom maker). The production houses run it around Rc55-56 (Spyderco & Kershaw), mostly because they found it tended to chip out at Rc58 or thereabouts. This is unfortunate, but is a characteristic of the steel... as running softer means the edge will roll more readily.
I have found that 440V from Spyderco takes a great, toothy, wicked sharp edge, rivaling carbon steels. I attribute this to being relatively easy to sharpen (due to softness) with diamond stones, and to having a fine grain structure (characteristic of CPM steels when heat treated well). Subjectively, it holds up well cutting cardboard (abrasive), but the edge does tend to roll on harder materials or under harder use.
CPM 420V is better than 440V in every measureable performance characteristic, but 420V is harder to grind, heat treat, and finish, so isn't as popular in general, but is used by the custom makers who care enough to tackle heat treat and finish. 420V is too difficult for the production houses to grind/finish/treat, so you don't see it.
S30V should change all of this... Spyderco's Sal Glesser has already indicated their testing shows it to be on par w/ 440V at a given hardness, and that he intends to use it on certain pieces going forward (implying the heat treat is tractable for Spyderco). This is a good sign. The more progressive custom makers are finding S30V to have notable improvements over both ATS34 and BG-42, and are beginning to use S30V instead when the knive's intended use warrants the extra effort in grinding and finishing, and therefore cost.
ATS34: if it is heat treated properly, I'd rather have it than 440V. Problem is, there are two common tempering ranges for ATS-34, and one of them (the higher temp I believe) seems to produce a blade that is harder to sharpen for some reason (speculation is grain growth, so grain and carbide structure is larger, which is not good). If you own any Benchmade knives that span the time period 1996 to 2002, you may have noticed the change in character in the past few years (I did, anyway). With recent BM product, blades are still Rc60-61 per spec, but feel harder under diamond stones ... harder to get the sharpening job done. And I can't get as sharp an edge on them as I can on older knives (not sure exactly when change occurred, but I'm guessing around 1998 or 1999).
Custom makers who know how to treat ATS34 produce a fine blade at Rc60-61 for slicing type knives, and those who build bigger blades and run it around Rc58-59 (to boost impact toughness) seem to have it about right IMHO. 154CM is nearly identical to ATS34, some makers find 154Cm to be a cleaner steel overall for them (fewer rejects). ATS34 is really a good steel for moderate to good corrosion resistance and fine edge holding at Rc60-61, it's optimum point IMHO. It can rival D2 in edge holding at this hardness, and offers better corrosion resistance. Especially for bigger blades (say 6" and up), I just think another steel is worth pursuing for improved impact toughness, and S30V is really the best stainless choice now.
BG-42 is equal to, or slightly better than ATS-34 in nearly all performance characteristics at a given hardness, given an optimum heat treat. Subtly so, but better stuff. One knowledgeable user attributes this to less molybdenum carbides and the addition of vanadium for vanadium carbides, and I have no reason to doubt this. S30V is at good, to somewhat better, than BG-42 is most categories, but is apparently notably better in impact toughness.
This is a very brief overview....encourage use of search engine.