I've been interested in S5 for a good long while now. Not many blade makers use it for anything, and they verdict from most folks seems to be "you'll have edge rolling problems".
I'm not entirely sure I believe that. It was my understanding that edge rolling is a plastic deformation, and hardness is the primary way we measure a given materials resistance to deformation, be it plastic or otherwise. It naturally followed then, that at 60 - 61 HRC edges on a blade made from S5 shouldn't roll any more or less than equivalent edges of the same hardness made from any other steel.
Interestingly enough, the inclusion of S5 into a pattern welded blade with L6 and 01 is something I've been working towards. I had designs on doing a Jian for my Sifu (in a couple of years when both my skill as a maker and my equipment on hand are up to the task). Over at another forum, I had some discussions with a man who trades in antique chinese weapons. It seems that at the pinnacle of the art, the chinese jian was made with a single higher carbon core sandwiched san mei style between tougher pattern welded stock, resulting in a blade that had the look of pattern welded steel, the hard cutting edge, and the tough blade body.
Looking at the heat treating info available on Crucible's site, neither the austenizing temperatures, nor the tempering charts seem all that incompatible. I figured a pattern welded L6 / S5 for the outer pattern welded stock and an 01 core. I figured austenize at 1550*f, soak for 30 minutes, quench (or marquench if I have salts available by then), temper at 400*f twice at two hours each.
The only problem I can really see with that sort of arrangement is a bit of unwanted grain growth in the 01. But, it's either that or fail to get the S5 fully into soloution. Overall, I think I'll chance the grain growth the extra 50* is gonna stick me with.
In the meantime, if anyone out there actually has any experience with S5 or any of its direct variants, I'd love to get some input on how it forges, grinds, etc. Whether or not it wleds worth a damn, etc.