Yes, the revelation you're looking for is that what steel you choose depends on what tasks you want. Carbon steels generally get the job done, especially if you're just looking at smaller blades and looking to cut. The major advantage to stainless is that you don't have to sweat the finish as much. Carbon steel blades WILL develop a patina. If you want your knife looking more or less like it did when you bought it new, stainless is going to accomplish that much better than carbon steel does. But carbon steels can still get the job done. A good 1095 or 52100 or W2, O1, etc, really does a good job, especially in the hands of a skilled smith (
http://www.bladeforums.com/forums/showthread.php/765305-Hey-why-is-your-clay-hardened-blade-so-much)
5160 is still one of the best steels for a hard use chopper.
But the more expensive steels have their place. I consider S30V or S35VN and CPM154 to be decent steels, but not up to par with, say, M390. It's not just how good of an edge it can take. How long will it hold that edge? How easy is it to sharpen? How strong is it? And, most importantly, what are you going to do with it? Carbon steels aren't going to do that well as a fisherman's knife, for instance. By and large, if you are only in it for cutting, carbon steels are plenty good enough.
However, 3V is, as previously mentioned, amazing stuff. It can take up to 60-62 RC without losing any toughness, and it's a TOUGH steel. That means you can get a sword or big chopper that will keep an amazing edge, but stay very tough, assuming the HT is done correctly. Most carbon steels, you have to temper to 54ish RC to keep them tough enough to not break, which means you'll lose some edge retention. This stuff is a lot more complicated than most people seem to think. I've seen people who wouldn't buy a sword because they thought it was tempered too hard. That's fine for some kinds of steel, but show a bit of ignorance when it comes to others.