I won't try to go into the metallurgy, but M390 is quickly becoming a popular stainless high wear resistance steel. K390 is a pretty exotic even higher wear resistance non-stainless steel from the same company (foundry). Neither is particularly tough (as such things go) so both work well in knives intended for slicing rather than chopping. Does that help?
K390 is a modified A11 steel and has twice the vanadium as M390. It's run harder normally, and is tougher. A true super steel as far as wear resistance. Pretty much a custom only proposition with the exception of this last release of Spyderco Mules in Spyderco's one of a kind mule team project.
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