M2 is not stainless, but surprisingly, I have had no problem with rust (710HS). It's humid here, most of the year, and I work in a place that is extremely hot alot of the time. The knife gets soaked in sweat frequently. A couple of days ago, I had a water line carrying "industrial water" bust on me, and soak me from head to toe. This stuff is nasty, and very corrosive. For the first time, I got two little specks of rust on the blade, which has most of the finish worn off.
I was cleaning the knife daily, and keeping Tuf-Cloth on it, but lately it has received minimal care (rinse in water, spray all over with WD-40, shake it, wipe it off, and move on). Had I still been using the Tuf-Cloth, I doubt those two specks would have even occurred.
Great knife, and I really like the M2 for its increased toughness over ATS-34. I've had good luck with BM's ATS-34, but my next Benchmade will be a Nimravus Cub, and I'm going to go with M2.
btw, here's the knife: