Answers:
1) Wear resistance - S110V
2) Easier to sharpen - ELMAX
3) Strength - About the same
4) Corrosion resistance - S110V
Thanks, Jim, I really appreciate your thoughts and your direct answer to my question. I struggle with this because we talk about steels as if hardness makes no difference. In reality, hardness is a key component in how steels will react, as you know from your testing.
For example, just one point of hardness advantage can give S90V better edge retention than S110V.
According to Bohler, when Elmax is taken from 58.5Rc to 61Rc, it loses about 28 percent of its toughness.
When Elmax is taken from 60+Rc to 62Rc, edge retention is increased by 22 percent.
So when we compare ZTs Elmax at 60-62Rc to ZTs S110V at something close to 59Rc, say 58 to 60Rc, we could be comparing an Elmax blade at 62.5Rc to an S110V blade at 57.5Rc potentially 5 points of hardness. That difference is huge, although on the extreme end of what wed normally see. However, we also see where users of Elmax blades can love the steel or hate it, even in the same knives. My own sense is that those differences in experience are likely the result of comparing differences in hardness that come from the natural variation in hardness from knife steels from the same manufacturer.


http://www.knifeblog.com/knife-steel-comparison-charts/
http://www.crucible.com/PDFs\DataSheets2010\Datasheet CPM S110Vv12010.pdf