420 is generally considered to be one of the lower quality, and lesser desired stainless steels, at least in my experience. Well, for general knife applications. It does hav ea very high corrosion resisitance, so it is good for dive knives, and similar products that need a lot of corrosion resistance. 420, as you see, also doesn't get very hard, which makes it hard to keep a good edge on it. the 440 family, particularly 440c, which has higher carbon content than a or b, doesn't have as much corrosion resistance as 420, but is a harder steel, well,with proper heat treatment, and tends to make a better knife overall.
I'm sure someone else can give some more input, I tend to work with high carbon steels, so don't know as much about stainless as I would like, at least not yet.