I agree with STR. I really like white steel....better in fact than blue steel. Blue steel is substantially higher alloyed. White steel is barely anything more than iron and carbon but as I understand it, it is also very pure so you don't have any of the unwanted alloying elements. It takes an incredible edge very, very easily and holds it very well which is, I am sure, due to the high hardness. I never really though of it as very tough, but then again, I use an edge on it that is very, very fine and optimized for cutting ability. It discolors very easily, I haven't really seen pitting on it though, but as expected corrosion resistance is low.
I don't think I would want a general use folder in it, but it is one of my top choices for a dedicated kitchen knife. Yes, you have to take care of it, but you can make onion rings that are thin enough for microscopy (again because it will support such a fine geometry, and takes a high polish easily, I would also guess that it is an *extremely* fine grained steel (since it has practically no carbide formers), though I haven't seen any micrographs).