I have the production M2 in S30v and a black M2lw. They're both great knives.
I admit that I'm obsessed with keeping my edges sharp so I usually never really let my edges get dull enough to matter. However, there have been times when I didn't have access to sharpening equipment for extended periods and I've used my knives until they've completely dulled, so I appreciate long wearing steels like S30v. Regarding the steel difference between the M2 and M2lw, I'd say if your obsession is with super-sharp edges, BD-1 will be right up your alley. I've had a lot of experience sharpening S30v blades (most of my knives are S30v...just so happened that my favorite knife designs used S30v), so S30v is not a problem for me to sharpen, but my goodness does BD-1 sharpen and polish extremely quickly and easily. S30v is probably a better working steel though if you do a lot of cutting between sharpenings.
Regarding the handles and feel of the knives, I really like the solid heft of the M2, and the rounded edges of the G10 really make it a very comfortable knife in hand. The edges of the M2lw's FRCP handles just aren't as rounded, so it's not quite as comfortable as the G10 version, but the ergonomics of the Manix handle pattern are still great. I find the bidirectional pattern on the FRCP to be less abrasive than the texture of the G10, but I find the bidirectional FRCP to be grippier than the G10 which surprised the heck out of me. The light weight of the unlined FRCP was disconcerting at first, and it does flex slightly if you grip it very tightly or intentionally pinch the middle of the handle to try to make it flex. But after carrying the M2lw for a while, I really appreciate the amount of knife you get for the weight you're carrying, and after some use the FRCP handle has proven itself to be quite capable. Overall, the finish and feel of the M2 seem a bit nicer than the M2lw. The edges of the blade spine and opening hole are slightly more rounded/broken on the M2, and the action is a little smoother.
In my opinion, overall, the M2 is a nicer knife. It has a reassuring heft, a beautiful stonewashed hollow ground S30v blade, and the rounded G10 scales feel very nice in hand. But the M2lw is a bit nicer in the pocket due to its light weight, the flat ground BD-1 makes it a great slicer, the bidirectional FRCP is just as grippy if not grippier than the G10, and the combination of BD-1 and a linerless design make it very easy to maintain (or, rather, neglect maintenance

).
I don't think you can go wrong with either knife =P