There are a lot of hot opinions on Ganzo. Apparently, they have copied designs or design elements in the past. Supposedly, a big offender involves a lock design by Benchmade. (I have a problem with Benchmade that I take just as seriously, but the particulars count as "politics" so we can't discuss them in this section of the forum.) The only Ganzo I own is the FH11, which is an original design by Ganzo as far as I know.
There are lots of factors which determine how well a blade performs. The type of steel, its heat treatment, and its geometry all matter. I'm not an expert but I usually see HRC discussed as a proof of proper heat treatment. Hardness might not be the whole story but in my experience, the FH11 holds a good edge and performs well. The FH11 has an excellent action and locks up solidly. Except for needing a little edge chamfering on the scales, I've been fairly impressed with the FH11.
Now, I've had lots of knives in all sorts of budget steels. The FH11 is my first experience with D2. It performs exactly like it is supposed to based on everything I've read. Other companies might do better with their D2 and based on my experiences with the FH11, I'd say that's great. In the meantime, Mo2, do you have experience with the FH11 to validate what you are saying about it? If what you are saying is true about Ganzo's heat treatment, how do the factors aside from resultant hardness affect the knife? Is there anything in particular I should be looking out for as I continue to use the knife?