A lot has been said already, but I'll throw my 2 cents in anyway. ATS-34 and 154-CM were copies of each other (can't remember which was a copy of which, somebody probably said before, I really need to read before I post

), so they are basically the same, though originally it was said that the ATS-34 was higher quality, but now the quality level is about the same, maybe slightly in favor of 154-CM.
The main reason people still use 154-CM is because S30V is harder to grind and harder to finish, and when it comes to performance, it's also harder to sharpen (because of vanadium carbides), so I don't think it could really be called "better" unless you're only reason for it being better is for edge retention. Of course, it's also a little harder to heat treat and a little more expensive, though the expense doesn't matter as much for custom makers.
And like it was said before, just about any and all problems with 154-CM would be solved with the CPM process, I'm really excited about the CPM-154. It will still be easy to grind and finish, take a great edge, and have greater edge retention. 154-CM is about the same toughness as S30v also, so after it is a powder metallurgy steel, it should be even tougher. For a guy who prefers ease of sharpening over edge retention, 154-CM would be just about the ultimate steel. It should come very close to S30v when it comes to edge retention though.