I've been trying to sort out whether D2 is tougher or more brittle than M2 at a given hardness myself, so your question of M2 vs. ATS-34 is of interest to me as well.
I consider ATS-34 and 154CM so very close in metallurgy that I call them equivalent for this discussion.
Benchmade is one of the least hype-ridden companies I know of, for starters. And my Benchmade's are of good quality and the ATS-34 appears to have a very good heat treat compared with other ATS-34 blades I own. So far, my experience with Benchmade's heat treating process is good. Other's experiences may vary.
I also read Goddard's article, it's a good overview (but too short!) from a very hands-on guy.
Wayne's experiences seem to be at odds from what I can find in the reference literature I happen to own at this time. Both show A2 to be roughly twice as tough as D2, M2, and ATS-34. Wayne does use a source of D2 that differs from many others....he uses OK-6 Planer blades from Ohio Knife Company, and his D2 has 0.38% extra carbon, 0.26% extra vanadium, and contains 0.02% tungsten and 0.105% nickel above and beyond normal D2. That extra nickel in particular may be what gives his D2 the extra toughness he seems to have noted.
Bob Dozier says A2 is a good bit tougher than his favorite D2. There's another data point... Dozier ain't no hype-ster either.
Now, the hard part is understanding what Rockwell hardness levels were used for the Charpy C-Notch impact tests for toughness. Here's what I have:
A2 @ HRC 60 = 40 ft-lbs Charpy C
D2 @ HRC 60 = 20 ft-lbs Charpy C
M2 @ HRC 62 = 20 ft-lbs Charpy C
440C @ HRC 56 = 20 ft-lbs Charpy C
CPM 420V @ HRC 56 = 20 ft-lbs Charpy C
CPM 3V @ HRC 60 = 60 ft-lbs Charpy C
I don't have charpy values for 154CM=ATS-34, but it is simply graphed in another section of my Crucible book to be slightly higher (maybe 20%?) than 420V and 440C, so based on a (risky) estimate, I'd say 154CM might be around 24 ft-lbs at HRC 60.
Note one problem here: M2 is given an equal toughness rating to the steels above but it was tested at HRC=62. And hardness and toughness are inversely related for most steels for the most part (some have weird peaks in the curves, but I digress). So M2 at RC60 should be as tough or tougher than ATS-34.
Benchmade heat treats their M2 to HRC 60-62, the 2 point spread reflecting variance in the heat treating and across the blades due to thickness, etc. Benchmade similarly treats ATS-34 to HRC 59-61. So midrange, there is 1 point difference between Benchmade's ATS-34 and M2.
In very general terms, higher hardness means better edge retention. So with M2 being a slightly "tougher" steel, they can heat treat it about 1 RC point higher and not suffer additional brittleness.
So, summary for toughness: ATS-34/154CM and M2 are not very far apart, at least according to the two sources I have, one being Crucible's Steel & Alloy Selector, the other being a book on heat treating by Bill Bryson. I can also draw this conclusion: A2 is about twice as tough as either 154CM or M2.
If you really want to dodge science, and do this in the real world, buy an AFCK of ATS-34 and another of M2, and cut something harsh like bundles of wire or very uniformly sandy rope, or use them to chop hard wood (not the domain of a folder). See which one chips out soonest.
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Wear resistance:
Goddard shows ATS-34 and D2 in a dead heat at HRC 60.
One of my sources shows D2 and M2 in a dead heat as far as wear resistance, the other shows M2 to be about 50% better but that was at M2 @ RC62 and D2 @ RC60. (but still, M2 is well below CPM 420V for example, by a factor of between 1.5 and 3 these particular tests...)
One problem: my sources test wear resistance by a method that utilizes two cylinders of the metal that are rotated against each other. This test gets to a metric characterizing friction or galling type wear. The less used tests that are probably more applicable for knife edge holding would be true abrasion resistance, where the metal was abraded by some high hardness grit, like sandpaper or tungsten carbide grit, etc.
Unfortunately, I have no data that is "abrasion resistance" related, so the "wear resistance" numbers are just a bit less directly related to knife edge holding that I'd hope for. The steels may show different characteristics when testing methods change, i.e. they may change their rank order.
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Without doing any testing of my own, which is risky at best, my sense is that M2 isn't enough better than ATS-34 or D2 to make we want to tolerate it's lack of corrosion resistance. That's why I haven't bought into the M2 "fever" and plunged into an M2 AFCK. CPM 3V? Yeah, it's enough better in toughness that it would be worthwhile to have as a blade depending on cost and intended application (for a folder, I don't think it fits the task, for a big chopper, it would be great, but so are INFI and VascoWear). At a similar level of toughness to D2, I'll take CPM420V any day due to it's wear resistance and better stain resistance.
I await Benchmade's adoption of CPM420V.
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rdangerer@home.com
[This message has been edited by rdangerer (edited 07-31-2000).]
[This message has been edited by rdangerer (edited 07-31-2000).]