What are you planning to use the knife for? I'd say that should dictate your selection way more than taking advantage of potential cost "savings" since M390 is generally more expensive than the other option...yeah it's cool to save money and all, but I don't think that's the ideal logic for a knife you're intending to carry and use and already going to spend around $400 on.
If you're just planning to do straight forward cutting of not-too-abrasive materials and will go reasonably easy on the knife, M390 will give you better edge holding and wear resistance. That kind of sensible use shouldn't give you much chipping...
If you're planning to buy a Hinderer with the intention of heavier use, hard use style applications (perhaps even a little abuse?), then I think S35VN would be the superior choice. A little less wear resistance than the M390, but a lot less chippy as well, based on my experience at least...I think it's worlds better and more enjoyable to use than its S30v predecessor so don't make the mistake I made and let any negative experiences with S30 sway you from trying out S35.
Whatever you decide on going with, enjoy your new Hinderer!