Well, my Griptilian has seen the sharpening stones a few times, so it was probably more in the low to mid 30 thousandth of an inch when new. Still cut like mofo though.
But personnaly, given the choice of superior steel but poorly heat treated, or a properly heat treated inferior steel, I'd go for the properly heat treated one's any day of the week. For example, Buck were able to extract very good performance out of the lowly 420 series stainless by using a good heat treatment procedure. Not as good as properly heat treated modern exotic steel, sure, but certainly better than poorly heat treated one's.