I agree with Drew about blade geometry and edge thickness, but not so sure about the rest. This is a quote from Joe Talmadge's Update to the Steel FAQ, which is still in draft form:
"Ability to take an edge: Some steels just seem to take a much sharper edge
than other steels, even if sharpened the exact same way. Finer-grained steels
just seem to get scary sharp much more easily than coarse-grained steels,
and this can definitely effect performance. Adding a bit of vanadium is an
easy way to get a fine-grained steels. In addition, an objective of the forging
process is to end up with a finer-grained steel. So both steel choice, and the
way that steel is handled, can effect cutting performance."