There was an article in Blade magazine a couple of issues ago about this very subject. The short answer is yes, blade temper is effected if nitre blue is used. That being said, let me expound on what I've discovered. Most will agree that TIME AND TEMP are of the utmost importance where steel is concerned, and with this in mind I did some experiments with nitre blue.........
My findings were:
-On blades of average thickness (3/16" to 1/4") with distal tapers, you can expect to loose one or two points of Rc hardness by the two minute mark with nitre blue.
-At the three minute mark Rc hardness drops dramatically.....to the point that I consider the knife a poor cutting tool.
Now, in defense of those (including myself) who use nitre blue on collector pieces, it is common practice among Knifemakers to ensure a customer(s) is/are fully aware of the drawbacks to "blue" blades. More often than not I have customers who request bluing, and do not care that the blades are not "high performace" cutters. They are more interested in the "Wow" factor that the bluing adds to the piece.
So, is there a loss of performance? Yes. How much? That depends on the Bladesmith who produced it, and how much they know about the process. Unless your working at the upper temp range of nitre blue, in two minutes about all you'll get is a splotchy blue, mixed with dark straw coloring on a blade. At the upper end of the nitre blue's working range you can achieve a nice blue color, but you have to be paying very close attention to what your doing. I would encourage anyone who is contemplating purchasing a "blue" knife, to ask questions, and make their decisions based on the answers they receive.
Please don't think I'm being snid or rude, but there are a couple of corrections that I would like to make about the steels mentioned. Most mosaic is 1080 or 1084 (for those who still have some), and 15N20, which is a very different animal from L-6. (15N20 is basically 1075 with 1.5-2% nickel) Generally the tempering temp for a mosaic of these materials is 400F-475F depending on the desired end product. I'm not poking fun at you, or trying to be rude, but I always smile when some mentions "industry standards". A competent Bladesmith, can manipulate the blade geometry (and other factors) that will enable blades in the 57/59Rc range to out perform blades of poorer design that are in the 59/60Rc range. It really boils down to the Bladesmith producing the knife. But, back to the question at hand........there IS a performance drop that occurs when a blade is blued using Nitre Blue, is it a bad thing? I suppose that depends on each individual. I would not expect someone to purchase a "blue" blade for a using knife, if for no other reason than the bluing is not a very durable finish. Even with a lot of handling there will be some wearing of a blued finish. On the other hand, a knife that has been well executed and finished off with Nitre blue is a beauty to behold!