I think a good tool steel will always outperform a "normal" stainless, even the better ones like ATS-34 and VG-10 (for the record I do like ATS-34, just not as hard as BM treats it). Whether the particle steels can compete remains to be seen - I respect Mr. Harvey's opinion, but 440V is only the first of them to see production use, and from what I understand it's far from the best of this new breed.
The reason folders aren't usually made in tool steels is because they have working parts and lots of nooks and crannies for moisture and corrosive substances to lodge in. Benchmade has decided to risk this by coating their blade with a substance that supposedly protects even after it wears off. Whether this will prove effective or be a great disaster remains to be seen; This will be a long-run effect, and M-2 AFCKs haven't been around in great numbers for long enough.
I for one would love to join in the experiment, but I have a few knives on my list before getting a new version of a knife I already own. Also, I am pretty fluent in the disassembly of Benchmades, warranty be damned, and feel I could effectively keep such a piece clean. How will customers who leave their knives intact fair? I think for this model (well, for all of them, but especially this one) Benchmade should be encouraging disassembly of their knives, not seeking to prevent it.
As to your final question, I think if the M2 knives can resist corrosion then an M2 710 would indeed be a fine "tactical" folder. The ultimate? For my own $0.02 I'd still prefer the speed and shape of the AFCK, as I feel its lock is up to every reasonable expectation.
------------------
-Corduroy
(Why else would a bear want a pocket?)