440C is a good knife steel and has excellent stain resistance. When it was new, it was the greatest thing since sliced bread. There are "better" steels out there, but better all depends on what you're wanting to do with the knife. 440C will make a very serviceable and functional knife that is as close to truly stainless as you will likely get. Other similar steels include ATS34 and 154CM. CPM154 is a variant of 154CM that has a bit more wear resistance, toughness, and hardness potential as well as excellent machinability characteristics. O-1 is what I started with and still use to a large extent. It makes an excellent knife and is pretty easy to work. Other carbon steels that work well include 52100, 1084, and 1095. These and O-1 are not stainless.
FYI, the stainless steels mentioned above (440C, 154CM, CPM154, ATS34) all require fairly rigorous heat treatments involving high temps and long soaks at temp. They can all be outsourced to excellent heat treaters, but you'll need a kiln to heat treat at home. The carbon steels listed can be more readily heat treated using a forge, though O-1 likes to have a soak at temperature of 10-20 minutes.
--nathan