It's not the horrable stuff some say it is, but its not very good either. You can do alot better hunting down one of the carbon sodbusters. There're available from Smoky Mountain Knifeworks where I got mine a year back. I got one of the yellow sodbusters in Case's CV, and thats really pretty good stuff. I think I paid something like 18.95 for it, plus 4.95 shipping.
I'm kind of queer over stockmen, (please don't take that wrong) but I felt I needed a sodbuster just because of the acient pattern. In one form or another the simple sodbuster design has been around as a working knife for hundreds of years. Then handle fills the hand well, and just fits nice in a fist for heavy cuts.
For a bit of rust resistance give the blade a patina, it will act like blueing on a gun. The old brown finish on muskets was just a controled rust finish. Wipe the blade down after use and its no problemo. Just think of all the seamens clasp knives in the old days of the sailing ships. Theres no more harsh environment for carbon steel than a salt water one.
You can use mustard (my choice) or stick it in a potato overnight. I'm told black coffee works well, but I end up drinking it.
Go ahead and let the blade stain, its supposed to do that. After a while carring for your blade will become second nature, and you will be rewarded with a knife with charater and a blade that gets that hair poping sharp like few stainless blades will. And it stays that way for alot of cutting.