Archie, wasn't trying to say you're prejudiced. You ARE considering carbon steel. I was speaking in the broader, more impersonal sense.
How does 5160 stack up against 1095 in ragards to rust? Well, there may be a difference, but you'll never notice it. Blade coatings help, but they aren't panacea. I would still reccomend reasonable maintainence. Heck, I like coatings just for asthetics. Stainless steels are perfectly workable, and in a knife as small as a neckknife, there won't be much difference between stainless or carbon except for the rust, which needn't be a big problem anyway.
Another dirty secret of the tactical knife industry is that most good cutlery steels aren't too dissimilar in their performance, at least in ways you'll notice. Yeah, there are some wild alloys that are the exception to the rule, or the obvious difference between stainless and carbon.
But the fact is, most cutlery grade steels are perfectly suitable, hence their status as cutlery grade. The deciding factors should be wether or not the thing is the shape you want, wether the price is right, and if you really want the piece. This assumes decent construction/temper, of course.
[This message has been edited by Snickersnee (edited 28 May 1999).]