Laminated blades are *VERY* popular in Japan. The outside core is usually a very easy to machine material, mild steel or even wrought iron. Iron made the blades very cheap, because you didn't need to use expensive steel for anything but the edge. The reasoning being what use is there for that since you only cut with the edge.
There were also lots of other benefits such as when sharpening, only a hint of material is hard to remove. The rest of it is dead easy. The edge then sharpens very quickly, even when you have to remove a small nick (try this out on a non laminated chisel, the difference is massive). As a further aside, when the tools are heavily abused they don't tend to crack, but just bend, which is much easier repaired.
The only downside to laminates is that they make the blade *MUCH* weaker. Now it can bend all over creation, however if you look at how much force it takes to induce a permanent set, this is much lower with the laminated blades. This isn't a concern with the Japanese blades (and saws) as they don't pry with them. Any significant prying is considered very abusive, and generally indicates someone who doesn't know what they are doing.
When I first used a few Japanese saws, I bent them readily, being used to western saws. With more practice, I had no such problems with the saws. Now you could ask, why not spring temper the blade - well the reason is that you don't need to with proper technique, and if your technique is off, then so is your carpentry and fix this instead of wanting a tool that allows sloppy work.
I have used laminated puukkos and forged carbon steel ones. Much of the above applies. However when using the knife as a general tool, the laminate is vastly more restricted in use because it bends far easier than the through hardened carbon steel one. Now if you are just cutting then this doesn't matter, however if you are doing more utility work it can be important.
So as for the Fallkniven blades, if they were made for just cutting, being highly optomized precision tools, then an arguement could be made. However look at the designs, some of them like the A1 for example are clearly intended to take heavy loads, both on the edge as well as through the main blade body. When this starts to be a factor, the lower strength of the laminates is a factor.
Now Fallkniven promotes the laminates as being stronger, and they are if you look at the ultimate tensile strength. This is the point at which the knife snaps, however if you look at the yield point, which is where the knife takes a set, they are likely weaker. I asked Fallkniven for specifics on this issue with no reply.
So there are lots of positives, the new laminates will take more impact than the old ones, as AISI 420 should be tougher in this regard, it is also far more corrosion resistant, so you get much better resistance to pitting along the primary grind and flats. It is also likely to be harder to completely destroy because of the greater extent of bending.
What you don't get it any more edge toughness as it is still VG-10. In fact the edge might be significantly weaker depending on how much of it is AISI-420 (use a 420 knife and see how easy the edge dents). The blade body as a whole is also not going to be as stiff and thus will flex easier, making it a less effective prybar in some respects.
What would be informative is testing by Fallkniven in the areas of where the change weakened the design, not just where it improved it. The tradeoffs are always of critical interent. However to be fair, this is rare in the industry as a whole.
-Cliff