As an addendum, you really can't compare the two. Very different.
I will say this about CPM-M4. It takes an keen edge and holds a long time. But, if you let it get too full, it can be difficult to sharpen.
M390 has so many variables, and that's without considering blade shape, grind, thickness. Plus, throw in CTS-204p and CPM-20cv into that equation. Are they really the same.
I own three knives with M390, and one with 204p. All are different brands and all 4 different blades types.
Which will hold it's edge longest? High hollow grind reverse tanto by bestech/apurvis, full flat modified wharnie from Viper, full flat drop point by WE, or whatever the heck the high hollow grind of the Spyderco Southard?
I've had my GB for 8 years (next month). No chinks in it's armor. I've had it professionally sharpened once and since I've kept it up on the fine and ultra fine stones on the sharpmaker. It has not chipped, rolled, or rusted. I've carried and used it a lot, probably only my Manix 2 has seen more use. The GB was my around the apartment/house handle anything knife.
These days, I don't live the same life, do not use/abuse my knives as I once did.
The verdict? Depends on the knife, the use, the environment, and your sharpening ability.
If rust and sharpening isn't an issue, go CPM-M4. If you tend to cut very thick, abrasive material, choose this as well.
M390 for everything else.