Sorry, but I haven't figured out how to do the multi response thing on forums.
As I hoped for and expected, you brought some much needed clarity to this confusing subject. Thank you!
Now, in the FWIW column, for most people, the answer you gave is too complicated, because, well, the topic is extremely complex. It's not your or anyone else's fault, it's just the way it is.
So for my friends who are really, really, really non knife guys, when they ask me, as some have, what the difference in steels is, I'll try to give them easy to understand responses they can relate to, and unless they are asking about a higher quality knife such as a Benchmade, or Strider, or Emerson, or Zero Tolerance, or Kershaw, of Spyderco.... you catch my drift, and not some $6.95 truck stop special, I'll tell them soft steels... as in some really cheap truck stop or gas station knives (I'm sure there are some decent blades out there available for cheap from those places of business) vs. a razor blade knife. If they take a file to one or the other, they'll feel the difference immediately. That sort of explanation for my non knife friends is about all they're looking for: can I sharpen this easily or will I have to take it to someone and spend money to get it back to usefulness?
A few years ago I asked Ernest Emerson about the 154 CM steel he used, and he told me he basically doesn't go changing steels to the most up to date steel, because unless the difference is dramatic, it's not a good business decision. Have to agree with him, coming from a maker's standpoint. From the user's standpoint, when I see 154 CM, or AUS 8A, or S30V, or M390, I know it's a good steel, and will probably be happy with it. If I see AUS 4 or AUS 6, I think cheap Chinese steel, even if it isn't. A blade these days with AUS 4 or AUS 6 steel will be a cheapie; if it's more than really cheap, it'll not be on my buy list.