Steel is where it all begins. The greatest maker with all the skill and knowledge in the world still has to work within the limits of the properties of the steel. When you consider that the abilities of steels varies tremendously, it is obvious that what a knife is going to be made out of is critical to how it can be crafted.
The first thing I look at is what is the knife going to have to do, and in what enviroment. For example in a large outdoors bush knife, the edge mainly has to be able to handle chopping impacts. A high hardness is necessary for resistance to denting and impaction. Also a high toughness is required to prevent frequent fractures. All of this can be achieved by something simple like 5160 / 52100, with a 58/60 RC edge.
Now does CPM-3V (for example) offer any advantage? Well it is far more wear resistant, but that doesn't get you much of anything at all, as there is next to no wear on such work. Even cheap steels like what is found in something like a Tramontina have in excess of the wear resistance needed for wood work (for most normal woods).
http://www.bladeforums.com/forums/showthread.php?s=&threadid=198896
Is CPM-3V any harder, well not really. While you can push it past 60 RC, the toughness plummets as you do so, the optimal working hardness would seem to be the same as for 5160/52100, in about 58/60 RC for the edge, for such high impact work. Thus there is no real advantage in regards to edge impaction or deformation.
Is CPM-3V tougher, impact wise at that RC. Yes, no question about that. However such simple steels are easily tough enough, even at relatively high RC they still tend to get mashed rather than chip apart. So for the most part you are not going to see any benefit here as well except in extreme cases.
So there are advantages to 3V, and thus if everything was equal I would go with it, but I would still be very pleased with the performance of the simpler steels, and you are just seeing a slight refinement in any case for that type of knife. If we were talking a "one knife does everything" situation, then there are significant advantages to 3V.
Specifically, I generally carry a very light use utility knife, which I use on a lot of precise cutting, so I want the edge to maintain a very high level of sharpness. For this type of knife a high alloy steel like CPM-10V offers significant advantages over the simple steels.
In this case the wear resistance is a significant factor, and the wear resistance of the CPM alloys is many times to one over the simple steels. As well you can get 4-6 points more hardness which means a much higher resistance to edge rolling, and thus a crisper edge for much longer.
However if a makes doesn't know how to maximize the steel by crafting the correct geometry, you are far better off with an inferior steel in a superior geometry. That being said, there are lots of makers who have an excellent understanding of geometry and high end steels, so this isn't a real problem.
-Cliff